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Income Tax Appellate Tribunal, MUMBAI BENCH “A” MUMBAI
Before: SHRI KULDIP SINGH & SHRI OM PRAKASH KANT
PER OM PRAKASH KANT, AM This appeal by the assessee is directed against order dated 06/02/2018 passed by the Ld. Commissioner of Income-tax (Appeals)-28, Mumbai [in short ‘the Ld. CIT(A)’] for assessment year 2013-14, raising following grounds:
Mr. Asad Naeemuddin Moulvi Mr. Asad Naeemuddin Moulvi 2 ITA No. 3113/M/2018
The learned Commissioner of Income The learned Commissioner of Income-tax, appeals has erred in confirming tax, appeals has erred in confirming the addition of the sum of rs.10,39,763/ the addition of the sum of rs.10,39,763/- (Rupees ten lac thirty (Rupees ten lac thirty nine thousand seven hundred sixty three only), on account of cash deposits in thousand seven hundred sixty three only), on account of cash deposits in thousand seven hundred sixty three only), on account of cash deposits in savings bank account considered the same as unexplained cash credit u/s. savings bank account considered the same as unexplained cash credit u/s. savings bank account considered the same as unexplained cash credit u/s. 68 of the Income Tax Act, 1961 of the appellant. 68 of the Income Tax Act, 1961 of the appellant. 2. The Learned Commissioner of The Learned Commissioner of Income-tax (Appeals), has al tax (Appeals), has also erred in confirming @ 50% of the additions of confirming @ 50% of the additions of ₹45,13,124/- (rupees forty five lac (rupees forty five lac thirteen thousand one hundred twenty four only) made by the assessing thirteen thousand one hundred twenty four only) made by the assessing thirteen thousand one hundred twenty four only) made by the assessing officer, on account of long term capital gains on sale of immovable officer, on account of long term capital gains on sale of immovable officer, on account of long term capital gains on sale of immovable property at Kharghar, Navi Mumbai property at Kharghar, Navi Mumbai. 2. Briefly stated facts of the case are that the assessee claim stated facts of the case are that the assessee claim stated facts of the case are that the assessee claimed to have engaged in the business of ticketing, Visas and tours. For the have engaged in the business of ticketing, Visas and tours. For the have engaged in the business of ticketing, Visas and tours. For the year under consideration year under consideration, the assessee filed return of income on the assessee filed return of income on 31/03/2015 declaring total income of 31/03/2015 declaring total income of ₹12,12,440/-. . In the return of income filed, the assessee has shown the assessee has shown rental income under the rental income under the head ‘Income from house property’ from house property’, Income from share of profit and from share of profit and remuneration’ from three partnership firms from three partnership firms including M/s Alliance including M/s Alliance International Tours and Travels, International Tours and Travels, business income and interest ome and interest income. The return of income. The return of income filed by the assessee was selected for was selected for scrutiny assessment under scrutiny assessment under Computer Assisted Selection Computer Assisted Selection of Scrutiny
Mr. Asad Naeemuddin Moulvi Mr. Asad Naeemuddin Moulvi 3 ITA No. 3113/M/2018
(CASS) any statutory notices under the (CASS) any statutory notices under the Income-tax tax Act, 1961 (in short ‘the Act’) were issued and complied ) were issued and complied with. The assessment with. The assessment under section 143(3) of the under section 143(3) of the Act was completed on 23/03/2016 after was completed on 23/03/2016 after making two additions. Firstly, the addition of making two additions. Firstly, the addition of ₹10,39, 10,39,763/- was made for cash credits appearing in books of accounts which were made for cash credits appearing in books of accounts which were made for cash credits appearing in books of accounts which were deposited in saving bank accounts and held by the in saving bank accounts and held by the Assessing Officer Assessing Officer as unexplained cash credit in terms of section 68 of the as unexplained cash credit in terms of section 68 of the as unexplained cash credit in terms of section 68 of the Act. Secondly, the addition of Secondly, the addition of ₹45,13,124/- was made for capital gain on was made for capital gain on sale of the property not reported by the assessee in the return of sale of the property not reported by the assessee in the return of sale of the property not reported by the assessee in the return of income. Aggrieved with the order of the income. Aggrieved with the order of the Ld. Assessing Officer Assessing Officer, the assessee filed appeal before the Ld. CIT(A), however the Ld. CIT(A) assessee filed appeal before the Ld. CIT(A), however the Ld. CIT(A) assessee filed appeal before the Ld. CIT(A), however the Ld. CIT(A) also upheld the additions. Hence, the assessee is before the also upheld the additions. Hence, the assessee is before the also upheld the additions. Hence, the assessee is before the Income- tax Appellate Tribunal ( tax Appellate Tribunal (in short ‘the Tribunal’) by w ) by way of raising grounds as reproduced above. grounds as reproduced above.
Before us the Ld. counsel Ld. counsel of the assessee filed of the assessee filed paperbook in two volumes consisting of pages 1 to 28 and 1 to 78 respectively. volumes consisting of pages 1 to 28 and 1 to 78 respectively. volumes consisting of pages 1 to 28 and 1 to 78 respectively.
Mr. Asad Naeemuddin Moulvi Mr. Asad Naeemuddin Moulvi 4 ITA No. 3113/M/2018
In ground No. In ground No. 1, the assessee has challenged addition of , the assessee has challenged addition of ₹10,39,763/- on accou on account of cash deposits in saving bank account nt of cash deposits in saving bank account held as unexplained cash credit under section 68 of the held as unexplained cash credit under section 68 of the held as unexplained cash credit under section 68 of the Act.
4.1 As per the provisions of the As per the provisions of the Income-tax Act, the banks are , the banks are required to file information in respect of cash deposits more than required to file information in respect of cash deposits more than required to file information in respect of cash deposits more than the prescribed limit by way of Annual Information Return (AIR). In by way of Annual Information Return (AIR). In by way of Annual Information Return (AIR). In the case of the assessee the case of the assessee, information was received through through AIR for cash deposits by the assessee amounting to cash deposits by the assessee amounting to ₹10,39, 10,39,763/- for the period relevant to the assessment year under consideration. The period relevant to the assessment year under consideration. The period relevant to the assessment year under consideration. The source of cash deposit was explained by the assessee as source of cash deposit was explained by the assessee as source of cash deposit was explained by the assessee as under:
(a) The assessee propose The assessee proposed to start a business of conducting to start a business of conducting religious tours at ‘Macca’ and ‘Madina’ etc for ‘Haj’ and religious tours at ‘Macca’ and ‘Madina’ etc for ‘Haj’ and religious tours at ‘Macca’ and ‘Madina’ etc for ‘Haj’ and ‘Umrah’ and for d for organizing the 1st tour in the month of the in the month of the December, 2012, the assessee received advance against the December, 2012, the assessee received advance against the December, 2012, the assessee received advance against the tour from different parties towards tickets, Visa and other from different parties towards tickets, Visa and other from different parties towards tickets, Visa and other expenses & same same was deposited in saving bank account, but was deposited in saving bank account, but
Mr. Asad Naeemuddin Moulvi Mr. Asad Naeemuddin Moulvi 5 ITA No. 3113/M/2018
the tour could not be could not be organized and money received was and money received was refunded back back in subsequent year. (b) some of the amount deposited was out of his past saving and some of the amount deposited was out of his past saving and some of the amount deposited was out of his past saving and income from current year from ticketing and visas as shown income from current year from ticketing and visas as shown income from current year from ticketing and visas as shown in the computation of total income. in the computation of total income.
4.2 However, the assessee failed to the assessee failed to submit name and address of name and address of the person from whom the cash was taken and therefore in absence the person from whom the cash was taken and therefore in absence the person from whom the cash was taken and therefore in absence of the evidences, the of the evidences, the Assessing Officer rejected the contention of the rejected the contention of the assessee and made the addition. Before the Ld. CIT(A) also same assessee and made the addition. Before the Ld. CIT(A) also same assessee and made the addition. Before the Ld. CIT(A) also same claim was reiterated by the assesse claim was reiterated by the assessee sans any evidence and e sans any evidence and therefore Ld. CIT(A) also rejected his claim holding that assessee therefore Ld. CIT(A) also rejected his claim holding that assessee therefore Ld. CIT(A) also rejected his claim holding that assessee failed to discharge his onus of establishing the nature and source of failed to discharge his onus of establishing the nature and source of failed to discharge his onus of establishing the nature and source of income as required under provisions of the income as required under provisions of the Act. The Ld. CIT(A) . The Ld. CIT(A) relied on following decisions: relied on following decisions:
I. Homi Jehangir Gheesta v. CIT [1961] 41 ITR 13 (SC) Homi Jehangir Gheesta v. CIT [1961] 41 ITR 13 (SC) II. Chuharmal v. CIT [1988] 172 ITR 252 (SC) Chuharmal v. CIT [1988] 172 ITR 252 (SC)
Mr. Asad Naeemuddin Moulvi Mr. Asad Naeemuddin Moulvi 6 ITA No. 3113/M/2018
III. Fakir Mohmed Haji Hasan v. CIT [2002] 120 Taxman 11 (Guj.) Fakir Mohmed Haji Hasan v. CIT [2002] 120 Taxman 11 (Guj.) Fakir Mohmed Haji Hasan v. CIT [2002] 120 Taxman 11 (Guj.) IV. Hersh W Chadha v. DDIT [2011] 43 SOT 544 (Delhi) Hersh W Chadha v. DDIT [2011] 43 SOT 544 (Delhi) V. Iqbal Singh v. CIT [2010] 328 ITR 301 (Punj. & Har.) Iqbal Singh v. CIT [2010] 328 ITR 301 (Punj. & Har.) VI. K.V. Mathew v. Income Tax Officer (2014) 222 Taxman 0116 (Kerela) .V. Mathew v. Income Tax Officer (2014) 222 Taxman 0116 (Kerela) .V. Mathew v. Income Tax Officer (2014) 222 Taxman 0116 (Kerela)
Before us, the Ld. counsel Ld. counsel of the assessee claimed ed that cash was received from ‘walk- -in client’ for booking of their tickets by the for booking of their tickets by the assessee for ‘Haj’ and and ‘Umrah’ travel and referred to th referred to the list of name of passengers, placed on page 27 to 28 of the paperbook of passengers, placed on page 27 to 28 of the paperbook of passengers, placed on page 27 to 28 of the paperbook volume I. The said list contain ticket No., Name of the passenger, the sector of list contain ticket No., Name of the passenger, the sector of list contain ticket No., Name of the passenger, the sector of travel for which ticket was booked, fare amount. travel for which ticket was booked, fare amount. travel for which ticket was booked, fare amount. An amount of ₹17,980/- has been claim to have been rece has been claim to have been received from each ived from each passenger and total amount of passenger and total amount of ₹10,39,800/- to have been received to have been received from these ‘walk-in clients in clients’. For ready reference said list is For ready reference said list is reproduced as under : reproduced as under :
Mr. Asad Naeemuddin Moulvi Mr. Asad Naeemuddin Moulvi 7 ITA No. 3113/M/2018
Mr. Asad Naeemuddin Moulvi Mr. Asad Naeemuddin Moulvi 8 ITA No. 3113/M/2018
Mr. Asad Naeemuddin Moulvi Mr. Asad Naeemuddin Moulvi 9 ITA No. 3113/M/2018
5.1 The Ld. counsel Ld. counsel also the referred to the pro also the referred to the proforma invoices issued in respect of tho those walk-in clients, which are placed on page in clients, which are placed on page 65 to 71 of the paperbook volume 2. These 65 to 71 of the paperbook volume 2. These proforma proforma invoices have been issued on the letterhead of partnership firm M/s Alliance on the letterhead of partnership firm M/s Alliance on the letterhead of partnership firm M/s Alliance International Tours and Travels. The pro onal Tours and Travels. The proforma invoice forma invoices contains details of airline through which ticket was booked (AIR India and Jet rough which ticket was booked (AIR India and Jet rough which ticket was booked (AIR India and Jet Airways), passenger name, sector, basic fare taxes and total fair ), passenger name, sector, basic fare taxes and total fair ), passenger name, sector, basic fare taxes and total fair amount. The Ld. counsel Ld. counsel of the assessee has submitted that above of the assessee has submitted that above information was submitted before the Ld. CIT(A) however same was information was submitted before the Ld. CIT(A) however same was information was submitted before the Ld. CIT(A) however same was not considered by him. nsidered by him. Though before the Assessing Officer Assessing Officer part of the source of deposit of the source of deposit of ₹10,39,763/- was claimed to have been out claimed to have been out of past savings and current year’s business income d current year’s business income, but before us no , but before us no such evidence in respect of the past saving have been filed such evidence in respect of the past saving have been filed such evidence in respect of the past saving have been filed .
5.2 In view of the evidences filed, the In view of the evidences filed, the Ld. counsel Ld. counsel submitted that addition-in-dispute dispute dispute should should should be be be deleted. deleted. deleted. Whereas Whereas Whereas the the the Ld. Departmental Representative Departmental Representative relied on the orders of the relied on the orders of the Assessing
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Officer and Ld. CIT(A) and submitted that no such list of passengers and Ld. CIT(A) and submitted that no such list of passengers and Ld. CIT(A) and submitted that no such list of passengers were filed before the were filed before the lower authorities, therefore addition in dispute authorities, therefore addition in dispute should be upheld.
We have heard rival submission of the parties on the issue in We have heard rival submission of the parties on the issue in We have heard rival submission of the parties on the issue in dispute and perused the relevant materi dispute and perused the relevant material on record. The issue in al on record. The issue in dispute before us is whether assessee has discharge dispute before us is whether assessee has discharge dispute before us is whether assessee has discharged his onus of establishing nature and source of the cash credit of establishing nature and source of the cash credit of establishing nature and source of the cash credit of ₹10,39,763/-. The list of passengers from whom the assessee has claimed to have The list of passengers from whom the assessee has claimed to have The list of passengers from whom the assessee has claimed to have received cash have not been ref received cash have not been referred either by the Assessing Officer Assessing Officer or by the Ld. CIT(A). In the list or by the Ld. CIT(A). In the list of passengers and pro and proforma invoice issued by the assessee, issued by the assessee, it is claimed that those tickets were booked ed that those tickets were booked from the airlines namely AIR India and Jetairways (International). from the airlines namely AIR India and Jetairways (International). from the airlines namely AIR India and Jetairways (International). Therefore, the truth in the claim of the assessee that e truth in the claim of the assessee that e truth in the claim of the assessee that same were booked by him in individual capacity and booked by him in individual capacity and cash was received from cash was received from those passengers, can be verified from the respective airlines and if those passengers, can be verified from the respective airlines and if those passengers, can be verified from the respective airlines and if that fact is found to be correct, the that fact is found to be correct, the Assessing Officer Assessing Officer may consider
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the claim of the assessee he claim of the assessee if same is in accordance with law if same is in accordance with law. Therefore, in the facts and circumstances of the case and the interest in the facts and circumstances of the case and the interest in the facts and circumstances of the case and the interest of substantial justice, we feel it appropriate to restore this issue of substantial justice, we feel it appropriate to restore this issue of substantial justice, we feel it appropriate to restore this issue back to the file of the back to the file of the Ld. Assessing Officer for verification of the verification of the claim of cash deposits by the assessee. The assessee shall file all the claim of cash deposits by the assessee. The assessee shall file all the claim of cash deposits by the assessee. The assessee shall file all the necessary evidence in support of its claim including necessary evidence in support of its claim including certificate from the airlines regarding booking of tickets the airlines regarding booking of tickets by the assessee in by the assessee in individual capacity (not by individual capacity (not by the partnership firm) in the name of the in the name of the passengers and also produce those passengers d also produce those passengers, if called for by the , if called for by the Assessing Officer for verification. The for verification. The Assessing Officer Assessing Officer is at liberty to carry out inquiries as deemed fit in the facts and circumstances of to carry out inquiries as deemed fit in the facts and circumstances of to carry out inquiries as deemed fit in the facts and circumstances of the case for adjudication of issue or adjudication of issue-in-dispute. It is needless to dispute. It is needless to mention that the assessee shall be afforded adeq mention that the assessee shall be afforded adequate opportunity of uate opportunity of being heard. The ground No. . The ground No. 1 of the appeal of the assessee is of the appeal of the assessee is accordingly allowed for statistical purposes. accordingly allowed for statistical purposes.
Mr. Asad Naeemuddin Moulvi Mr. Asad Naeemuddin Moulvi 12 ITA No. 3113/M/2018
In ground No. 2 of the appeal, the assessee has challenged 50% he appeal, the assessee has challenged 50% of the addition of ₹45,13, 45,13,124/- on account of long-term capital gain term capital gain on sale of immovable property, which has been upheld by the Ld. on sale of immovable property, which has been upheld by the Ld. on sale of immovable property, which has been upheld by the Ld. CIT(A).
The Assessing Officer Assessing Officer from the AIR information observed the from the AIR information observed the fact of sale of residential flat No. 402, situated at Paratik Pura ale of residential flat No. 402, situated at Paratik Pura ale of residential flat No. 402, situated at Paratik Pura, Khargar, Navi Mumbai , Navi Mumbai for a total sale consideration of for a total sale consideration of ₹ 73 lakh whereas the value of the said property as per the stamp duty whereas the value of the said property as per the stamp duty whereas the value of the said property as per the stamp duty authority was of ₹82, 82,71,000/-. According to the Assessing Officer Assessing Officer sale and consequent capital gain was not appearing in the return of and consequent capital gain was not appearing in the return of and consequent capital gain was not appearing in the return of income filed by the assessee. The assessee explained that said income filed by the assessee. The assessee explained that said income filed by the assessee. The assessee explained that said property had been purchase property had been purchased by the partnership firm namely by the partnership firm namely “Alliance International Tour and Travels Alliance International Tour and Travels” in the name of in the name of ‘Mr. Ayaz Hassanali Naseer’ and and ‘Mr Asad Naimudin Moulvi’ (i.e. the assessee), i.e. the assessee), both being partners in both being partners in said firm. It was submitted further that firm. It was submitted further that purchase of the said flat was shown in the books of accounts of the purchase of the said flat was shown in the books of accounts of the purchase of the said flat was shown in the books of accounts of the
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firm under the head of building (Residence) as an asset of firm under the head of building (Residence) as an asset of firm under the head of building (Residence) as an asset of the firm under the block of building (residence). The sale of the said under the block of building (residence). The sale of the said under the block of building (residence). The sale of the said premises is also shown under the block of building in the books of premises is also shown under the block of building in the books of premises is also shown under the block of building in the books of accounts, which is reflected in the financial statements for the year accounts, which is reflected in the financial statements for the year accounts, which is reflected in the financial statements for the year ending 31/03/2014. It was contended that said residential flat has esidential flat has been shown under the head block of building been shown under the head block of building and the depreciation and the depreciation was claimed in the past was claimed in the past, therefore, there was no tax liability under no tax liability under the head ‘income from capital gains income from capital gains’ in the case of the in the case of the assessee. The assessee filed a confirmation le confirmation letter from ‘Alliance Alliance International Tours and Travels’ along with balance along with balance-sheet of the said partnership sheet of the said partnership firm. Further, the assessee the assessee also submitted that section 50 also submitted that section 50C of the Act is also not applicable as is also not applicable as the said property was purchased and the said property was purchased and accounted in the books of accounts of the partnership firm. accounted in the books of accounts of the partnership firm. accounted in the books of accounts of the partnership firm. The Ld. Assessing Officer after perusal of the purchase and sale agreement after perusal of the purchase and sale agreement after perusal of the purchase and sale agreement found that assessee is is co-owner in the said residential property with owner in the said residential property with ‘Sh Ayaz Hasanali Naseer ali Naseer’ and name of partnership firm was and name of partnership firm was
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nowhere mentioned in the said agreement nowhere mentioned in the said agreement(s) and for avoiding the and for avoiding the capital gain tax, the assessee has r gain tax, the assessee has reflected the said property in eflected the said property in the fixed assets of the M/ fixed assets of the M/s Alliance International Tour Alliance International Tour and Travels. Further, the Assessing Officer Assessing Officer held that provision of section 50 ld that provision of section 50C are clearly applicable in the case of the assessee clearly applicable in the case of the assessee as as a stamp duty valuation is more than the sale consideration shown in is more than the sale consideration shown in is more than the sale consideration shown in the sale agreement. Accordingly agreement. Accordingly, after reducing indexed cost of acquisition cost of acquisition out of the valuation as per the stamp duty, the of the valuation as per the stamp duty, the Assessing Officer Assessing Officer computed capital gain of computed capital gain of ₹45,13,124/- in para 5.2 of the assessment in para 5.2 of the assessment order and thus made addition of order and thus made addition of ₹45,13,124/-. Before the Ld. CIT(A) . Before the Ld. CIT(A) also the assessee reiterated same submission and submitted also the assessee reiterated same submission and submitted also the assessee reiterated same submission and submitted evidence containing entr evidence containing entry in the books of accounts of M/ y in the books of accounts of M/s. Alliance International Tour and and Travels and confirmation letter from and confirmation letter from said firm. The Ld. CIT(A) observed that in the agreement to sale, seller . The Ld. CIT(A) observed that in the agreement to sale, seller . The Ld. CIT(A) observed that in the agreement to sale, seller parties were appearing as parties were appearing as ‘Sh Ayaz Hassanali Naseer Sh Ayaz Hassanali Naseer’ and ‘the assessee’ only and there was no reference of firm only and there was no reference of firm only and there was no reference of firm M/s Alliance
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International Tour International Tour and Travels. The Ld. CIT(A) held that . The Ld. CIT(A) held that documentation prepared by the assessee was post fact documentation prepared by the assessee was post fact documentation prepared by the assessee was post facto and an attempt to circumvent section 50 ttempt to circumvent section 50C of the Act. However . However, he sustained the addition to the extent of the 50% the addition to the extent of the 50%, as assessee being being co-owner in the property. The relevant finding of the Ld. CIT(A) is reproduced as the property. The relevant finding of the Ld. CIT(A) is reproduced as the property. The relevant finding of the Ld. CIT(A) is reproduced as under:
“3.2 On the other hand we have agreement for sale in which sellers are: 3.2 On the other hand we have agreement for sale in which sellers are: 3.2 On the other hand we have agreement for sale in which sellers are: i. Ayaz Hassanali Nasser Ayaz Hassanali Nasser ii. Asad N. Moulv Asad N. Moulvi (assessee). There is no reference whatsoever of Alliance. The documentation There is no reference whatsoever of Alliance. The documentation There is no reference whatsoever of Alliance. The documentation prepared is obviously post facto. The attempt is a colorable device prepared is obviously post facto. The attempt is a colorable device prepared is obviously post facto. The attempt is a colorable device obviously to circumvent Sec.50C (43CA not being in existence in obviously to circumvent Sec.50C (43CA not being in existence in obviously to circumvent Sec.50C (43CA not being in existence in impugned year). As co impugned year). As co-owner, appellant is liable to capital gains tax but le to capital gains tax but only to the extent of 50%. The A.O. clearly acknowledges appellant as only to the extent of 50%. The A.O. clearly acknowledges appellant as only to the extent of 50%. The A.O. clearly acknowledges appellant as co-owner. Sale value is Rs.73 lacs as per agreement. SVA is Rs.82.71 lacs owner. Sale value is Rs.73 lacs as per agreement. SVA is Rs.82.71 lacs owner. Sale value is Rs.73 lacs as per agreement. SVA is Rs.82.71 lacs per A.O. But since it is joint ownership, (in absence of specification of per A.O. But since it is joint ownership, (in absence of specification of per A.O. But since it is joint ownership, (in absence of specification of shares %age) the same shall be divided in equal parts. The ground is e) the same shall be divided in equal parts. The ground is e) the same shall be divided in equal parts. The ground is partly allowed. partly allowed.” 9. Before us also the assessee has reiterated the submission us also the assessee has reiterated the submission us also the assessee has reiterated the submission which were made before the which were made before the lower authorities and no fresh authorities and no fresh
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evidence to support the contention evidence to support the contention are filed. On perusal of the filed. On perusal of the purchase and sale agreement of the property purchase and sale agreement of the property, we find that name of we find that name of ‘Sh Ayaz Hasanali Naseer Sh Ayaz Hasanali Naseer’ and ‘the assessee’ are appearing as a seller are appearing as a seller party in their individual capacity and not in the capacity of pa party in their individual capacity and not in the capacity of pa party in their individual capacity and not in the capacity of partner of the partnership firm of the partnership firm M/s Alliance International Tour Tour and Travels. Therefore, by way of making entries in the books of accounts the by way of making entries in the books of accounts the by way of making entries in the books of accounts the assessee cannot claim that said property was owned by said assessee cannot claim that said property was owned by said assessee cannot claim that said property was owned by said partnership firm. By way of making entering partnership firm. By way of making entering in in the books of accounts of the partnershi of the partnership firm, the assessee cannot change the assessee cannot change ownership and character of the transaction of purchase and sale character of the transaction of purchase and sale character of the transaction of purchase and sale entered into in individual capacity individual capacity. The arguments of the assessee . The arguments of the assessee are accordingly rejected. We do not find any accordingly rejected. We do not find any error in the order of the in the order of the Ld. CIT(A) on the issue in dispute and accordingly ssue in dispute and accordingly, , we uphold the same. The ground No. same. The ground No. 2 of the appeal of the assessee is accordingly of the appeal of the assessee is accordingly dismissed.
Mr. Asad Naeemuddin Moulvi Mr. Asad Naeemuddin Moulvi 17 ITA No. 3113/M/2018
In the result, the appeal of the assessee is partly allowed for In the result, the appeal of the assessee is partly allowed for In the result, the appeal of the assessee is partly allowed for statistical purposes.
Order pronounced in the open Court in ounced in the open Court in 19/09 /09/2022. Sd/- Sd/- (KULDIP SINGH KULDIP SINGH) (OM PRAKASH KANT OM PRAKASH KANT) JUDICIAL MEMBER JUDICIAL MEMBER ACCOUNTANT MEMBER Mumbai; Dated: 19/09/2022 Dragon Legal/Rahul Sharma, Sr. P.S. Copy of the Order forwarded to Copy of the Order forwarded to : 1. The Appellant 2. The Respondent. 3. The CIT(A)- 4. CIT 5. DR, ITAT, Mumbai 6. Guard file. BY ORDER, //True Copy// (Sr. Private Secretary Sr. Private Secretary) ITAT, Mumbai ITAT, Mumbai