ITA No.3107/Mum/2023

Parties Involved

Facts Summary

The case involves an appeal by the revenue against the order of the Commissioner of Income-tax (Appeals) regarding the assessment year 2019-20. The revenue raised grounds of appeal questioning the deletion of additions made by the Assessing Officer under sections 69A and 69C of the Income Tax Act. The additions were based on the alleged receipt of cash over and above the agreement value for the sale of flats and the alleged payment of brokerage in cash. The assessee, Ekjyot Properties, contested these additions, providing explanations and documentary evidence to support their claims. The Commissioner of Income-tax (Appeals) allowed the appeal of the assessee, and the revenue appealed to the Income Tax Appellate Tribunal. The Tribunal dismissed the appeal of the revenue, finding that the assessee had provided sufficient evidence to refute the additions made by the Assessing Officer.…

Legal Issues

• 1. Whether the Ld. CIT(A) has erred in deleting the addition of Rs. 2,93,00,000/- made by the assessing officer u/s 69A as alleged on money received on sale of flats.
• 2. Whether the Ld. CIT(A) has erred in deleting the addition of Rs. 43,15,000/- made by the assessing officer u/s 69C of the I T Act on account of brokerage/commission paid in cash to the brokers on sale of flats.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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