TaxTMI 
TaxTMI 
2026 (6) TMI 1396
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....me Tax Department (for brevity the 'Ld. AO') order passed under section 143(3) r.w.s. 144B of the Act date of order 21.09.2022. 2. When the appeals were called for hearing, none appeared on behalf of the assessee. The Bench had granted several opportunities and adjourned the matter on multiple occasions to enable the assessee to prosecute the appeal. However, despite such opportunities, no one appeared on behalf of the assessee. Accordingly, after considering the material available on record, we proceed to dispose of the appeal ex parte qua the assessee after hearing the submissions of the Ld. DR. 3. The Registry informed that the appeal filed by the assessee was delayed by 241 days. The assessee has filed a condonation petition expla....
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....ame. The initial booking amount was paid on 11.10.2016, and an allotment letter was issued by the builder on the very same date. Thereafter, the assessee made the entire payment towards the purchase of the flat during the period from 11.10.2016 to 23.06.2017. The property was under construction and possession thereof was not handed over to the assessee until 15.10.2021, relevant to A.Y. 2022-23. It is further noted that on 31.03.2020, the assessee availed a mortgage loan by creating a charge over the rights acquired in the said under-construction property. For the purpose of sanctioning the mortgage loan, the lending bank insisted upon registration of the agreement relating to the flat. Consequently, the agreement was registered during A.Y.....
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....ued uninterrupted and were never terminated by the builder. The registration was carried out only for the purpose of exploiting the existing rights in the property to secure financial assistance from the bank. The assessee had financed the purchase entirely from its own sources and no borrowings were utilized for acquisition of the property. Possession of the flat was eventually received in A.Y. 2022-23. In support of the aforesaid contentions, reliance was placed on the decision of the Coordinate Bench of the Tribunal in the case of Smt. Nargis Airani v. ITO reported in (2006) 287 ITR 142 (Pune), wherein it was held that the rights relating to possession, enjoyment, and control over a flat constitute a capital asset. Since the assessee had....
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....ee in its reply dated 03.11.2021 has submitted valuation report of the property purchase prepared by the Registered Valuer and as per the report the value of the property as on 01.04.2016 has been valued at Rs. 1,22,98,200/-. In the absence of the report of the Joint Sub-registrar the value of the property is being taken as Rs. 1,22,98,200/-. The difference in value of purchase value and valuation report i.e. Rs. 20,98,200/- (12298200- 10200000) is treated as unexplained income u/s 56(2)(x) of the I.T. Act 1961 under the head income from other sources and added to the total income of the assessee. The penalty proceedings u/s 270A of the IT Act for misreporting of income is also initiated separately on this issue." 7. It is an un....