2025 (11) TMI 739

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....the instant case, Agreement for sale of property under consideration i.e. Flat No. 302, 3rd floor, Meridian Meadows, Navi Mumbai, which was purchased on total consideration of Rs. 85,00,000/- showing joint ownership of the Assessee and her husband, was registered with the Registration Authority on dated 29.10.2015. The Assessing Officer (AO) by noticing the facts and examining the bank statement of assessee's husband Mr. Umesh Naik, observed that the amount of Rs. 43,00,000/- only has been paid to the developer from Mr. Umesh Naik account including the loan amounting to Rs. 28,00,000/- taken by him from Karnataka Bank. Whereas, the assessee has paid only Rs. 10,00,000/- from her own account and therefore the assessee has failed to file evid....

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....urchase of the flat has been done entirely by her husband from his own funds and sources and not by her. The then Assessee also further stated that she had not contributed anything towards purchase of said flat and her name was added only for the sake of convenience. She also produced purchase agreement, as well as bank statement of her husband, which indicated that entire consideration was paid by her husband only and therefore considering the aforesaid peculiar fact and circumstances, the Hon'ble High Court quashed the notice issued u/s 148 of the Act, by allowing writ petition filed by the assessee. The assessee further relied on the judgment in the case of Kalpita Arun Lanjekar Vs ITO (2024) 160 taxman.com 726 (Bombay), wherein the H....