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ACIT, Central Circle-3 (4) , Mumbai Versus Ms. Shibani S. Bhojwani

2016 (8) TMI 22 - ITAT MUMBAI

Additions made on the basis of seized material - Held that:- Additions can be made to the income of the assessee, while passing the 153 orders if reliance is placed on incriminating seized material. In the case before us, nothing is on record to prove that additions made by the AO had the backing of the seized material. Therefore, in our opinion the order of the FAA does not suffer from any legal infirmity. Confirming her order, we decide the effective Ground of appeal against the AO. Commission .....

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cer (A. O. ) has filed the present appeal for the assessment year (A. Y. ) 2008-09. Brief Facts: 2. There was a search and seizure action u/s. 132 of the Act on 30. 11. 2010 at the residential/ business premises of the Samir Bhojwani Group and the assessee was also covered by the action. She filed her Return of Income, declaring total income at Rs. NIL. Earlier, she had filed the Return u/s. 139(1)of the Act, on 29. 09. 2008 and the AO had çompleted the assessment u/s. 143(3), determining .....

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dicata was not applicable to Income Tax proceedings, that revenue had the right to depart from its earlier stand, that there could not be a wide application of the Rule of consistency, that during the course of assessment, documents pertaining to leave and license agreement were seized. Finally, the AO held that the leave and licence income had to be brought to be taxed under the head income from house property, that the depreciation claimed on the said flats had to be disallowed. 3. Aggrieved b .....

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nference that income by way of license fee was assessable under the head income from house property. The assessee referred to the cases of Al Cargo Global Logistics Ltd. (137ITD287), Pratibha Industries Ltd. (141 ITD151) and Gurinder Singh Bawa (ITA/2075/Mum/2010 dated 16. 11. 2012). 4. After considering the submission of the assessee and the cases referred to by it the FAA made a reference to the case of Canara Housing Development Co. (ITA No. 38 of 2014, delivered by the Hon ble Karnataka High .....

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roceedings. Finally, she allowed the appeal of the assessee. 5. During the course of hearing before us, the Departmental Representative (DR) stated that the matter could be decided on merits. The Authorised Representative (AR) relied upon the cases of Continental Warehousing Corpn. (Nhava Sheva) Ltd. (374ITR645), Kabul Chawla (380ITR573), Parag M. Sanghvi (63 taxmann. com118) etc. 6. We have heard the rival submissions and perused the materials before us. We find that no incriminating material w .....

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