TMI Blog2014 (4) TMI 1223X X X X Extracts X X X X X X X X Extracts X X X X ..... he income could not be taxed in the hands of the respondent herein. The records also reveal that the person to whom flats have been assigned have duly been taxed on such income. As such the income of the said flats were shown in his return. The concurrent findings of fact arrived at by the authorities below based on evidence on record cannot be re-appreciated by this Court in the present appeal u/s 260A of the Income Tax Act unless any perversity is disclosed by the appellant. - TAX APPEAL NOS. 15 & 16 OF 2014 - - - Dated:- 9-4-2014 - F. M. REIS And Z. A. HAQ, JJ. Ms. Asha A. Desai, Advocate for the appellant Mr. A. N. S. Nadkarni, Senior Advocate with Mr. D. Lawande, Advocate for the respondent ORDER ( Per F. M. Reis, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dispute is with regard to the addition of ₹ 2,72,02,000/- on account of profit arising from the sale of 11 flats admeasuring 1943 square metres out of which 50% has been taxed for each of the respondents abovenamed. The Assessing Officer was not satisfied with the explanation given by the assessee - respondent and accordingly a sum of ₹ 2,72,02,000/- at the rate of ₹ 14000/- per square metres for 1943 square metres was adopted as the value of the flats surrendered and brought to tax in the hands of the assessee - respondent as income of the assessee. It was the case of the respondent that the said amount was already assessed in the hands of one Mr. Monserrate for Assessment Year 2006 - 2007 and as such the taxation in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id Monserrate. The agreement was thereafter cancelled and the income of 11 flats was shown in the return of income of the said Mr. Monserrate and such income was offered to tax. Accordingly, the Tribunal found that CIT (A) is justified in his action and as such there was no interference called for on the part of the Income Tax Appellate Tribunal. 4. From the foregoing narration of facts and the findings arrived at by the authorities below, we find that the authorities below have concurrently found on the basis of appreciation of evidence on record that there was no transfer and as such the income could not be taxed in the hands of the respondent herein. The records also reveal that the person to whom flats have been assigned have duly be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or by the Federal Court, or (4) the issue is not free from difficulty, and (5) it calls for a discussion for alternative view. There is no scope for interference by the High Court with a finding recorded when such finding could be treated to be a finding of fact. Similar view has been taken by the Apex Court in the judgment reported in (2011) 1 S.C.C. 673 in the case of Vijay Kumar Talwar Vs Commissioner of Income Tax, Delhi by observing at para 23 thus : 23. A finding of fact may give rise to a substantial question of law, inter alia, in the event the findings are based on no evidence and/or while arriving at the said finding, relevant admissible evidence has not been taken into consideration or inadmissible evidence has been ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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