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31-10-2019, Kusum Mehta, Section 153A, 51, 139, Tribunal Delhi

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1 week 4 days ago #11287 by amit
Section - 153A, 51, 139, 131(1A)
Order Date - 31-10.2019
Favouring - Assessee
Court - Tribunal Delhi
Appellant - Kusum Mehta
Respondent - ACIT
Justice - R.K. PANDA AM & KULDIP SINGH JM
Citation - 1119Taxpundit29
Appeal No. - ITA No.2504/Del./2014
Asstt. Year - 2009-10

Order

PER : KULDIP SINGH

Present cross appeals filed by the assessee as well as by the Revenue are being disposed off by way of composite order to avoid repetition of discussion.

2. Appellant, Ms. Kusum Mehta & Shri Mahesh Mehta (hereinafter referred to as the ‘assessee’) by filing the present appeal being ITA No.2504/Del/2014 & No.2503/Del/2014, sought to set aside the impugned orders dated 13.02.2014 & 14.03.2014 respectively passed by the Commissioner of Income - tax (Appeals)-I, New Delhi qua the assessment year 2009-10 on the dentical ground inter alia that :-

“The Ld. CIT (A) has erred both in law and on facts in confirming an addition of Rs.2,04,00,000/- being income allegedly earned by the appellant form the deal of transfer of shares of M/s. Raj Refuellers & Fire Safety Equipments Pvt. Ltd. which had been terminated by the parties.”

3. Appellant, ACIT, Central Circle 3, New Delhi (hereinafter referred to as the ‘Revenue’) by filing the present appeal being ITA No.2773/Del/2014 & 3347/Del/2014, sought to set aside the impugned orders dated 13.02.2014 & 14.03.2014 respectively passed by the Commissioner of Income - tax (Appeals)-I, New Delhi qua the assessment year 2009-10 on the grounds inter alia that:-

“ITA No.2773/Del/2014

That the Commissioner of Income Tax (Appeals) has erred in law and on facts of the case in deleting the addition of Rs.9,20,00,000/- (correct amount is Rs.7,16,00,000/-) made by AO on account of income from undisclosed sources.” ITA No.3347/Del/2014

1. That the Commissioner of Income Tax (Appeals) has erred in law and on facts of the case in deleting the addition of Rs.1,48,51,840/- made by AO on account of income from undisclosed sales.”

2. That the Commissioner of Income Tax (Appeals) erred in law and on facts of the case in restricting the addition of Rs.9,20,00,000/- made by AO on account of income from undisclosed sources.” BRIEF FACTS OF ITA NOS.2504/DEL/2014 & 2773/DEL/2014 (CROSS APPEALS) IN CASE OF MS. KUSUM MEHTA ITA NOS.2503/DEL/2014 & 3347/DEL/2014 (CROSS APPEALS) IN CASE OF SHRI MAHESH MEHTA

4. Briefly stated the facts necessary for adjudication of the issue at hand are : On the basis of search and seizure operation carried out in case of Mahesh Mehta Group of Companies on 30.06.2009, assessment was framed under section 143 (3)/153A of the Income-tax Act, 1961 (for short ‘the Act’). In response to the notice issued u/s 153A of the Act, assessee preferred to treat the return of income filed u/s 139 of the Act as reply to notice u/s 153A of the Act vide reply dated 25.11.2010 declaring taxable income of Rs.1,53,50,110/-, which includes short term capital gain from sale of property of D-17, Ashok Vihar which was sold during the year under assessment for a sale consideration of Rs.50,50,000/- by way of cheque and further receiving a sum of Rs.1,49,50,000/- by way of cash. During the search proceedings, assessee surrendered the amount of Rs.1,49,50,000/- which was subsequently disclosed in the return of income also.

5. During the search and seizure operation, documents Annexure A-5 (bunch of loose papers- pages 1 to 102) qua property bearing Plot No.115, Phase-I, Udyog Vihar, Gurgaon, in M/s Raj Refuellers and Fire Safety Equipment Co. Pvt. Ltd. (hereinafter referred to as ‘RRFSL’) Seized documents include draft Agreement on a stamp paper of Rs.100/- dated 22.02.2008 qua Plot No 115, Udyog Vihar, Gurgaon owned by Mahesh Mehta and Kusum Mehta showing Agreement of Sale for a consideration of Rs.25,00,00,000/- by Mahesh Mehta and Kusum Mehta to one Kunjan Arora, c/o M/s. Lambda Microwave Technologies Pvt. Ltd.. Assessing Officer (AO) also noticed from the documents seized that Mahesh Mehta and Kusum Mehta had purchased shares of RRFSL in the month of November 2007 from Rakesh Kumar Garg and Santosh Kumar Garg for Rs.2,18,00,000/- and paid Rs.3,00,00,000/- towards payment of loan outstanding in the books of RRFSL, thus the cost of purchase of the shares was Rs.5,18,00,000/-. From the Agreement to Sell, AO noticed that it is clear that transaction qua property bearing Plot No.115, Phase I, Udyog

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