2025 (2) TMI 1533

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.... the Income-tax Act, 1961 (hereinafter referred to as 'the Act') vide his order dated 28.03.2014. 2. The first issue in this appeal of the assessee is as regards the order of the learned CIT(A) confirming the addition made by the Assessing Officer at Rs. 66 lakhs being difference in consideration paid for purchase of property. For this, assessee has raised the following ground No.1 :- "1. That the Ld.CIT(A) has erred in making addition of Rs.66,00,000/- ignoring the Agreement to Sell and Bank Statements reflecting payment made against the said purchase along with other documentary evidence of Purchase submitted by the appellant." 3. We have heard rival contentions and perused the facts and circumstances of the case. W....

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....py of agreement towards purchase of rights in the said property from Pradeep Jain for a sum of Rs. 66 lakhs. The additional evidences were admitted by the CIT(A) and remand report was called for but overlooked by him while confirming the addition. Learned Counsel for the assessee before us stated that the original owner of the property at V-36, Block-5, Green Park Main, New Delhi was Shri Gulsher Singh Jagirdar and Shri Harcharan Singh Jagirdar, 50% each. It was contended that Shri Gulsher Singh Jagirdar sold his 50% share to Shri Vijay Israni and Shri Harcharan Singh Jagirdar sold his 50% share to Shri Vijay Israni and Shri Ashok Kumar Chaudhary. The second floor was sold by Shri Vijay Israni to Shri Pradeep Jain for a sum of Rs. 50 lakhs ....

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....an and Shri Rajesh Kumar but no supporting evidence was filed. The Assessing Officer noted in his assessment order that assessee has claimed exemption to the extent of Rs. 20.90 lakhs whereas assessee has actually claimed deduction under Section 54 of Rs. 15.50 lakhs. The Assessing Officer disallowed the sum by giving another reason that assessee being a builder and property dealer and collaborator and therefore, its profit and gain is also earned from business. Hence, no deduction under Section 54 is allowable. Learned CIT(A) confirmed the action of the Assessing Officer. Aggrieved, assessee now is in appeal before the Tribunal. 8. We noted that assessee before us and even before learned CIT(A) filed documents to sell his property at F-....