2026 (8) TMI 460

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....ner) u/s 250 of the Income Tax Act, 1961 (in short 'the Act') for the A.Y. 2021-22, whereby the Ld. Commissioner affirmed the aggregate addition of Rs.25,04,05,000/- made by the Assessing Officer. 2. In the instant case, the Assessee filed her return of income on 01.11.2021, declaring a total income of Rs.11,97,260/-. The case was selected for complete scrutiny under CASS, inter alia, for verification of the substantial deduction claimed under section 54 of the Act. Accordingly, statutory notices were issued to the Assessee, in response to which the Assessee furnished various submissions and documentary evidence. 3. During the year under consideration, the Assessee sold Flat No. 17/B, Manek Building, 11, L.D. Ruparel Marg, Nepean Sea ....

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....tated that the property was acquired by the company in his name under peculiar circumstances and that he held the same on behalf of the company. The AO further examined the purported deed of transfer dated 23.04.1974 relied upon by the Assessee and, noticing discrepancies in the signatures and other surrounding circumstances, held the said document to be unreliable. 7. On the basis of the aforesaid documents, the AO concluded that the Assessee's deceased husband was merely a benamidar or nominee of M/s. Transport Corporation of India Private Limited and was never the beneficial owner of the property. Consequently, the AO held that neither the deceased husband nor the Assessee owned the property as a capital asset. 8. The AO, therefore....

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.... original purchase of the property had been paid by M/s. Transport Corporation of India Pvt. Ltd. and that the declaration dated 09.09.1974 established that the Assessee's deceased husband merely held the property on behalf of the company. Accordingly, the Ld. Commissioner upheld the addition of Rs.25,00,00,000/- under section 56 of the Act and dismissed the Assessee's appeal. 14. Thus, the Assessee being aggrieved with the impugned order has preferred this appeal. Before us, the Ld. Counsel for the Assessee reiterated that the property had stood in the name of the Assessee's deceased husband for several decades and that the relevant flat, garages and shares in the co-operative housing society had been transferred in his name. The deceas....

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....gh doubted the authenticity of the deed of transfer dated 23.04.1974 on the basis of an apparent difference in the signatures, however, neither referred the document for examination by any handwriting expert nor conducted any independent inquiry from M/s. Transport Corporation of India Pvt. Ltd., M/s. Great Eastern Shipping Company Ltd. or the concerned co-operative housing society. No material was brought on record to demonstrate that the company had, at any point of time, asserted ownership over the property or claimed any right over the sale consideration received by the Assessee. 19. Further the declaration dated 09.09.1974, relied upon by the authorities below, could not by itself be treated as conclusive of the continuing beneficia....