TMI Blog2014 (12) TMI 1066X X X X Extracts X X X X X X X X Extracts X X X X ..... ile passing the orders - The authorities have failed to examine the aspect, and as such, they were not justified to come to the conclusion that the addition of ₹ 2,66,000/- is to be effected - revenue was unable to point out that the material pointed out by Shri Usgaonkar – thus, the matter is to be remitted back to the Tribunal for fresh decision – Decided in favour of assessee. - Tax Appeal No. 57 of 2007 - - - Dated:- 29-10-2014 - F. M. Reis And U. V. Bakre,JJ. For the Petitioner : Mr. Sudin M. S. Usgaonkar For the Respondent : Mrs. Asha Dessai ORDER (Per F. M. Reis, J): Heard Mr. Sudin Usgaonkar, learned counsel appearing for the appellant and Mrs. Asha Dessai, learned counsel appearing for the respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued by the assessment officer to the effect that a sum of ₹ 2,90,000/- was in fact received by the appellant in the financial year ending 31/3/2000. The learned counsel has further pointed out that the only aspect as such was to examine whether the appellant was in a position to satisfy the income for the financial year 1999-2000 of the said sum of ₹ 2,66,000/-, which was received as part consideration. The learned counsel has thereafter taken us through the orders of the Commissioner as well as the Income Tax Appellate Tribunal to point out that this aspect has not at all been considered by both the authorities whilst passing the impugned order. The learned counsel further points out that even in terms of the agreement to se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the amount of ₹ 2,90,000/- for the financial year ending 31/3/2000 being part of the consideration of the said agreement. 4. We have carefully considered the submissions of the learned counsel and with the assistance of the learned counsel for the parties, we have gone through the orders of authorities below. There is no application of mind by the authorities below on the aspect that a sum of ₹ 2,90,000/- was in fact received by the appellant in the financial year ending on 31/3/2000 towards part of the consideration for the sale of the old flat by minutely examining the effect thereof while passing the impugned orders. The authorities have failed to examine the said aspect, and as such, they were not justified to come to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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