9911796707
TMI Blog2015 (9) TMI 1003X X X X Extracts X X X X X X X X Extracts X X X X ..... 396/- to the assessee in respect of addition made as deemed dividend u/s. 2(22)(e), disregarding the fact that the addition was made on the basis of credits in the bank statement as that the additional evidence produced by the assessee had not been produced before the Assessing Officer nor was examined by him, and there is not material on record to show that the additional evidence produced before the Ld. CIT(A) could not be produced before the Assessing Officer due to reasonable cause. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of Rs. 8,59,873/- in respect of income from house property despite the evidence on record that the assessee had not disclosed the rental income r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd gave detailed submissions and the learned CIT(A) gave relief of Rs. 12,10,396/-, on the basis that Rs. 2,00,000/- include remuneration which has already been incurred as income from salary. Further, the first appellate authority gave relief of Rs. 5,35,396/-, on account of opening debit balance and another debit of ` Rs. 4,75,000/-. Being aggrieved by the relief given by the learned CIT(A), the Revenue is in appeal before the Tribunal. 4. The learned Departmental Representative, relied upon the orders of Assessing Officer and contended before us that the Assessing Officer has rightly made addition of the impugned sum and CIT(A) erred in giving relief to the tune of Rs. 12,10,396/- and accumulated profit of Koradia Construction Pvt. Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of advance for the purchase of property. This has already been considered by the Tribunal and has deleted vide its order in ITA No.3/Mum./2011 while for balance amount of Rs. 7,99,604/- has been confirmed by Tribunal in the afore-stated order to be treated as income as deemed dividend u/s 2(22)(e) of the Act. 6. We have heard the rival contentions and have perused the material available on record. We have noted that with respect to the total amount of Rs. 78,10,000 received by the assessee during the impugned assessment year from Koradia Construction Pvt. Ltd in which assessee holds 50% shares, the receipt of Rs. 58,00,000, was on account of advance for the purchase of property which was already been considered by the Tribunal and addit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition of Rs. 8,59,873, on account of income from house property. 8. The Assessing Officer observed that the assessee has received rent from various properties in the assessment year 2005-06 and 2006-07, which includes properties like G-104, G-119 at Riddhi and also G-114 at Swagat, G-104, G-105 and G-106 at Sampada. However, the Assessing Officer noted that the assessee has not offered for taxation rental income from these properties during the impugned assessment year and has invoked the provisions of section 23(1) of the Act which stipulate that the sum for which the property might reasonably be expected to be let out from year to year be deemed to be the income from house property for the said year and hence, the Assessing Officer m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 402 & C-403 in Gokul divine and the same is used for the purpose of residence i.e. SOP. No rental income has been derived from this property. Reference in computation for C-402 was given just because tenant of Khokhani Bhavan, Vasai i.e. M/s. Sagar Construction & M/s. Koradia Construction Pvt. Ltd. have registered office at C-402. Therefore, Assessing Officer assume that C-403 is also not Sop and computed deemed rent. 3. 2,73,000 Gala No.5 - Sampada is let out to the same party as i.e. Bianco textiles to whom "pressman House"was given on rent. Gala No.5 Sampada is the property owned by the assessee and the same is let out to Bianco Textiles whose registered office is at "Pressman House". Therefore, in computation in address of tenant "P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egistered office at C-402, Gokul Divine. The rent has been received for property at Khokhani Bhavan and not for C-402, Gokul Divine. Gala no.5 - Sampada is let out to Bianco Textiles which has its address at "Pressman House" The rent has been received for property at Gala no.5 - Sampada and not for "Pressman House". 11.1 The aforesaid factual matrix, which is not in dispute is also supported by the decision of the Tribunal in the case of the assessee's husband Shri Binal S. Koradia for assessment year 2007-08, wherein also similar additions was made. A copy of such order in ITA No.9170/Mum/2010 dated 14/02/2014 has been placed on record. 12. Ld. Representative for the Revenue has not disputed the factual matrix brought out by the respon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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