MANISHA R SANGHAVI, MUMBAI V. ITO 16(3)(1), MUMBAI

ITA 2058/MUM/2015

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 2363 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 3 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-07-2016
• Appeal Filed By: Assessee
• Bench Allotted: SMC
• Assessment Year: 2010-2011
• Appeal Filed On: 09-04-2015
• Court: TRIBUNAL
• Assessee Lawyers: S C TIWARI; RUTUJA PAWAR
• Keywords: Share purchase agreement

Judgement Text

, . . , IN THE INCOME TAX APPELLATE TRIBUNAL SMC , BENCH MUMBAI BEFORE SHRI R.C.SHARMA, ACCOUNTANT MEMBER ./ ITA NO. 2058 / MUM/20 1 5 ( / ASSESSMENT YEAR : 20 10 - 20 11 MRS. MANISHA R. SANGHAVI, 601, A WING, GORA GANDHI PALACE, 122, KHETWADI BACK ROAD, KHETWADI, MUMBAI - 400004 VS. ITO - 16(3)(1), MUMBAI - 400007 ./ ./ PAN/GIR NO. : A ZLPS 4539 C ( / APPELLANT ) .. ( / RESPONDENT ) /A SSESSEE BY : SHRI S.C.TIWARI & RUTUJA PAWAR /REVENUE BY : SHRI ABHISHEK SHARMA / DATE OF HEARING : 28/07/2016 / DATE OF PRONOUNCEMENT 29 / 07 /201 6 / O R D E R THIS IS AN APPEAL FILED B Y THE AS SESSEE AGAINST THE ORDER OF CIT(A) - MUMBAI, FOR THE ASSESSMENT YEAR 20 10 - 20 11 . 2. IN THIS APPEAL, THE ASSESSEE IS AGGRIEVED FOR ADDITION OF RS. 26,89,250/ - UNDER THE HEAD INCOME FROM OTHER SOURCES. 3. RIVAL CONTENTIONS HAVE BEEN HEARD AND RECORD PERUSED. FA CTS IN BRIEF ARE THAT THE ASSESSEE IS AN INDIVIDUAL DERIVING IN COME FROM SALARY AND OTHER SOURCES. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, IT WAS OBSERVED THAT THE ASSESSEE HAD ENTERED INTO A DECLARATION ON 18 - 06 - 2009 IN HER CAPACITY AS TENANT/ OCCUPAN T WITH SHRI PANKAJ R. SANGH VI IN HIS CAPACITY AS PURCHASER/ DECLARANT IN RESPECT OF A PROPERTY BEING FLAT NO. AL601, 6TH FLOOR, AD MEASURING 602 SQ.FTS., IN SHREE DARSHAN CO - OP. HOUSING SOCIETY LTD., KHETWADI BACK ROAD, MUMBAI - 400 004. THERE WAS ITA NO. 2058 /15 2 ANOTHER CER TIFICATE DATED 06 - 11 - 2008 ON RECORDS ISSUED BY SHREE DARSHAN CO - OP. HOUSING SOCIETY LTD. STATING THAT FLAT NO. A / 601 ON 6TH FLOOR STOOD JOINTLY IN THE NAMES OF SMT. MANISHA RAKESH SANGHVI AND SHRI PANKAJ RAMESH SANGHVI. THE AREA OF THE SAID FLAT WAS SAID T O BE APPROX. 225 SQ.FT. THE ASSESSEE WAS REQUIRED TO CLARIFY THE DISCREPANCY IN AREA AND EXPLAIN HOW SHE, WHO HAD OCCUPIED 225 SQ.FT. CAME TO BE ALLOTTED A FLAT ADMEASURING 605 SQ.FT WITH SHRI PANKAJ R. SANGHVI, WITHIN A SPAN OF LESS THAN A MONT H. THE AO O BSERVED THAT SAID PREMISES WHICH WAS VALUED AT RS. 53.78 LAKHS WAS PURCHASED BY THE ASSESSEE THROUGH UNDISCLOSED SOURCES AND RS. 26,89,250 / - AS THE PROPERTY WAS JOINTLY HELD, WAS BROUGHT TO TAX IN THE HANDS OF THE ASSESSEE UNDER THE HEAD 'INCOME FROM OTHER SOURCE S. 4. BY THE IMPUGNED ORDER THE CIT(A) CONFIRMED THE ACTION OF AO. 5. IT WAS ARGUED BY LD. AR THAT IN THE ENTIRE REDEVELOPMENT PROPOSITION THE BROAD UNDERSTANDING WITH THE LANDLORD WAS THAT THE ASSESSEE WOULD NEITHER ASK FOR ANY ALTERNATE ACCOMMODAT ION NOR WOULD RECEIVE ANY HARDSHIP ALLOWANCE DURING THE CONSTRUCTION PHASE. HOWEVER, MORE IMPORTANTLY IN THE NEW CONSTRUCTION, IN LIEU OF THESE TWO COMMON ENTITLEMENTS, WHICH THE OCCUPANT MORE COMMONLY GETS FROM THE REDEVELOPERS, ASSESSEE WOULD BE GETTING 605 SQ.FT. AS AGAINST MY OLD PREMISES OF 225 SQ.FT. 6. LD. AR PLACED ON RECORD PRAYER FOR ACCEPTING ADDITION AL EVIDENCE WHICH CONSISTS OF COPIES OF RENT RECEIPTS DATED 14.12.1995 & 19.12.1996, COPIES OF MAINTENANCE RECEIPTS FOR PAYMENT OF PROPERTY TAX OF GORA ITA NO. 2058 /15 3 GANDHI PALACE CO - OPERATIVE HOUSING SOCIETY LTD. DATED 25.12.2000 & 01.01.2001, COPIES OF ELECTRICITY BILLS DATED 19.02.2001 & 08.06.2001, COPY OF SHARE CERTIFICATE OF SHREE DARSHAN CO - OPERATIVE HOUSING SOCIETY LTD. DATED 19.08.2005, COPIES OF MAINTENA NCE RECEIPTS OF AMEYA CO - OPERATIVE HOUSING SOCIETY LTD. DATED 14.03.1998, 01.01.1999, 14.03.1999, 01.03.2000 & 01.10.2000. COPY OF LETTER DATED 21.07.2016 FROM SHREE DARSHAN CO - OPERATIVE HOUSING SOCIETY LTD., COPIES OF MAINTENANCE RECEIPTS OF GORA GANDHI P ALACE CO - OPERATIVE HOUSING SOCIETY LTD., DATED 03.11.2001, 18.03.2002, 11.12.2002 & 15.03.2004 AND COPY OF RATION CARD OF MANISHA R. SANGHAVI, DATED 24.07.2002 . ALL THE ABOVE DOCUMENTS GO TO THE ROOT OF THE ISSUE, SINE THESE WERE FILED FIRST TIME BEFORE US , IN THE INTEREST OF JUSTICE, I RESTORE THE MATTER BACK TO THE FILE OF AO FOR CONSIDERING ALL THESE DOCUMENTS AND FOR DECIDING THE ISSUE AFRESH AS PER LAW. 7 . IN THE RESULT, APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. O RDER PRONOUNCED IN THE OP EN COURT ON THIS 29 /07 / 201 6 . SD/ - ( R.C.SHARMA ) / ACCOUNTANT MEMBER MUMBAI ; DATED 29 /07 /201 6 . . /PKM , . / PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT( A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. ITA NO. 2058 /15 4 / BY ORDER, / ( ASSTT. REGISTRAR) , / ITAT, MUMBAI //TRUE COPY//