TMI Blog2014 (2) TMI 417X X X X Extracts X X X X X X X X Extracts X X X X ..... applicable to cases where income is computed under the heads "Profits and Gains under business or Profession" – Decided against Revenue. - IT Appeal No. 3719 (Mum.) of 2012 - - - Dated:- 19-6-2013 - B.R. Mittal And Rajendra , JJ. For the Appellant : Ms. Neeraja Pradhan. For the Respondent : A.H. Dalal. ORDER:- PER : B.R. Mittal The Department has filed this appeal for assessment year 2009-10 against order of ld. CIT(A)-IX, Mumbai dated 5.03.2012 on the following grounds : "1. Whether on the facts and in the circumstances of the case and in law., the CIT(A) was justified in directing the AO to delete the addition of Rs.26,18,410/- holding that the sale of the flats is treated as the business income and not as ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ept the assessee's contention on the ground that matter is pending before the Hon'ble Bombay High Court. The AO was of the opinion that since this building is situated in the prime location in Mumbai, the sale price cannot be less than the Stamp Duty Valuation. AO stated that it could fetch a price much higher than the Stamp Duty Valuation rate. Therefore, considering difference between sale value and value as per Stamp Duty of three buildings and car parking amounting to Rs.7,87,500/-, Rs.6,21,634/-, Rs.10,37,276/- and Rs.1,72,000/- aggregating to Rs.26,18,410/-, he treated it concealed income on sale of flats and added to the total income of the assessee. Being aggrieved, assessee filed appeal before the ld. CIT(A). 4. Before the ld. CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hs 5.2 and 5.3 allowed the appeal of the assessee. The relevant paragraphs 5.2 and 5.3 of the order of ld. CIT(A) are as under : 5.2 The LAR has argued that this matter is a covered matter in favour of the appellant by the Hon'ble ITAT "I" Bench, Mumbai's decisions in the appellant's own case for the AY 2006-07 (ITA No.6034/M/2009) and for AY 2007-08 (ITA No.5428/Mum/2011) dated 31.5.2010 and 23.09.2011 respectively. 5.3 The operative para No.5 from the Hon'ble ITAT, "I" Bench's decision in ITA No.5428/M/2009 for the AY 2007-08 may be reproduced as under: "In our considered the opinion, no addition can be sustained in this case, as neither there is any investigation whatsoever made by the assessing officer nor was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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