Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (11) TMI 969 - AT - Income TaxRectification of mistake u/s 254 - Validity of re-assessment proceedings u/s 147/148 - investment/undisclosed income - as argued Tribunal failed to take note of the fact that the AO has made addition of the entire amount despite the fact that the assessee is owner of only half portion of the property - HELD THAT:- The assessee has placed on record sale-deed which was the basis for making addition by the AO. A bare reading of the sale-deed makes it clear that the property as per stamp valuation was purchased at Rs. 30,29,000/- against the actual sale consideration of Rs. 15 lakh and was jointly purchased by Smt. Shahjahan W/o Mohd. Tayyab Kureshi and Smt. Rukshana Begum W/o Shri Khalid. Therefore, the aspect of ownership of the property in joint names which was the subject matter for making the addition as per the stamp valuation had escaped attention of the Tribunal. Therefore, the order [2019 (6) TMI 826 - ITAT DELHI] passed by the ITAT Delhi Bench ‘SMC’ is hereby recalled and the Registry is directed to fix the hearing of the appeal in due course by issuing notices to the parties.
|