SUNIL AMARLAL BAJAJ ,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE (NFAC), DELHI
IN THE INCOME TAX APPELLATE TRIBUNAL
“K(SMC)” BENCH, MUMBAI
BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER
& GIRISH AGRAWAL, ACCOUNTANT MEMBER
(Physical hearing)
Sunil Amarlal Bajaj
1st Floor, Parvati Bhavan,
52/54 Old Hanuman Lane,
Mumbai-400002. [PAN No. AABPB5470E
Vs
NFAC / ITO-23(3)(6)
Piramal Chamber,
Lalbaug, Parel, Mumbai,
Maharashtra-400012. Appellant
/ Assessee
Respondent / Revenue
Assessee by Shri Vimal Punmiya CA/ AR
Revenue by Shri Kiran Unavekar, Sr. DR
Date of institution of appeal
02.12.2024
Date of hearing
26.03.2025
Date of pronouncement
16.05.2025
Order under section 254(1) of Income Tax Act
PER PAWAN SINGH, JUDICIAL MEMBER; 1. This appeal by assessee is directed against the assessment order of ld. CIT(A) dated 13.10.2024 for A.Y. 2018-19. The assessee has raised the following grounds of appeal: 1. The Ld. CIT(A) erred in making an addition of Rs. 17,37,775/- u/s 56(2)(x) treating the same as difference between the Stamp Duty Value and purchase consideration and added the same to the income of the assessee. 2. The Ld. CIT(A) erred in initiating penalty proceedings u/s 270A of the Income Tax Act. 3. The Ld. CIT(A) erred in charging interest 234A, 234B and 234C of the act. 4. The appellant craves leave to add further ground or to amend or alter the existing grounds of appeal on or before the date of hearing.” Sunil Amarlal Bajaj 2
Brief facts of the case are that assessee is an individual, filed his return of income for A.Y. 2018-19 on 25.10.2018 declaring income of Rs. 14,50,170/-. Case was selected for scrutiny. During assessment, the assessing officer noted that assessee purchased flat no. 403, 4th Floor, Avirahi Heights, Jankalyan Nagar, Malvani, Malad West Mumbai, admeasuring 1020 square feet hereinafter referred as “ flat/ property” on a consideration of Rs. 60.00 lacs. The assessing officer was having information from Stamp valuation Authority/ Sub