TaxTMI 
TaxTMI 
TaxTMI 
2026 (1) TMI 132
X X X X Extracts X X X X
X X X X Extracts X X X X
....he facts and circumstances of the case, assumption of jurisdiction in initiating the proceedings u/s 147 and passing the impugned order u/s 147/144B and that too without complying with mandatory conditions u/s 147 to 151A as envisaged under the Income Tax Act, 1961, is bad in law and against the facts and circumstances of the case. 2. That in any case and in any view of the matter, assumption of jurisdiction u/s 147 and passing the impugned order u/s 147/144B, is illegal, bad in law and against the facts and circumstances of the case and the same is not sustaining on legal and factual grounds. 3. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making aggregate addition of Rs. 65,49,364/- on account of unexplained money u/s 69A and that too by recording incorrect facts and findings and without considering the submissions and evidences filed by the assessee and in violation of principles of natural justice. 4. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in making aggregate addition of Rs. 65,49,364/- on ac....
X X X X Extracts X X X X
X X X X Extracts X X X X
....21 wherein the approval from the PCIT is required in case of reopening within Four year from the end of relevant assessment year, therefore, we find that no error in the approval given by the Addl. CIT(A). Accordingly, the Ground of appeal No.1 and 2 taken by the assessee are dismissed. 5. Grounds of appeal Nos. 3 & 4 are with respect to the addition of Rs. 65,49,364/- made by holding the bank deposits as unexplained money u/s 69 of the Act. 6. Heard both the parties and perused the materials available on record. The claim of the assessee is that all the deposits in the bank account are out of the professional receipts/ cash withdrawals made from time to time by the assessee and, therefore, no addition should be made on this account. Assessee further claimed that certain cash deposits which were treated as belonging to the assessee of M/s Capital Maintenance Corporation (M/s CMC) which is proprietorship firm of the one Sh. Yashpal Singh and assessee has no relation whatsoever with whom, therefore, the banks account pertaining to Yashpal Singh and the deposits made in its bank account. It is also claimed by the assessee that various deposits are related to the loans taken by t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s at Serial No.1 to 8 of the table at page 11 of the assessment order were either sold or used by the assessee for her professional purposes therefore, the same could not be considered for the purpose of computing the fair rental income. 8.1 Regarding the remaining properties, since the assessee has already disclosed rental income from the property at Serial No.12 & 13, the AO cannot make further addition on account of notional rent from these two properties. 8.2 The remaining properties at Serial No.10 & 11 of the table appearing at page 11 of the assessment order, claim of the assessee is that AO has taken fair market value on estimate basis however, the same should be done on the basis of Circle Rate fixed by the Municipal Corporation. After considering the facts, we direct the AO to work out the market value based on the circle rate declared by Municipal Corporation. This view is duly supported by the judgement of Hon'ble Jurisdictional High Court in the case of CIT vs, Moni Kumar Subba and others reported in [2011] Taxman.com 195 (Delhi). Accordingly we remand this issue ot the file of the AO and direct the AO to compute the fair market value of these properties on the b....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ns. Thus, by following our observations made in Assessment Year 2016-17 in ITA No.1431/Del/2024 which are mutatis mutandis applicable to the facts of present appeal, this issue is remand back to the file of AO with the same directions as given therein. The grounds of appeal No. 5 & 6 are Partly allowed for statistical purposes. 15. Grounds of appeal No.7 is with respect to the addition of Rs. 97,00,000/- made on account of long term capital gain. 16. Heard both the parties and perused the materials available on record. The Ld. CIT(A) in para 11 of the order has observed that the assessee has claimed the costs of property at Rs. 42.00 lacs, registration charges of Rs. 2,52000/- and cost of improvement of 15.00 lacs, however, no details whatsoever were filed in support of these claims either before the AO and before the Ld. CIT(A). Looking to these facts and in the interest of justice, this issue is remanded back to the file of AO for verification of the claim made by the assessee. The assessee is also directed to file all the necessary evidences with respect to the costs of acquisition and costs of improvement before the AO. With these directions, this ground of appeal is part....