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2016 (9) TMI 697 - ITAT MUMBAIUnexplained money u/s.69A - sale consideration of the subject property - beneficial ownership of the flat - Held that:- From the record we found that the said flat No.132/H in Raj Arcade was sold to M/s Karma Ispat Ltd, was belonging to the builder and not to the assessee. As per the evidence discussed by CIT(A) in his order, the builder has shown the sale of flat in its books of accounts and also offered profit arising thereon in respect of sale consideration so received by it. A finding has also been recorded to the effect that assessee or her husband has not received any other benefit under this arrangement. Therefore, the clear position emerges is that the beneficial ownership of the flat was always with the builder and the assessee was merely a front for executing the arrangement. The CIT(A) also recorded a finding that income arising from sale of said flat has already been included in the total income of the builder, which fact has not been rebutted by the AO, therefore, the same cannot once again be added in the hands of the assessee. The detailed finding recorded by CIT(A) are as per material on record, therefore, do not require any interference on our part. - Decided against revenue
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