ASHOKKUMAR PREMCHAND JAIN,MUMBAI vs. DCIT CIRCLE 23(1), MUMBAI
Income Tax Appellate Tribunal, MUMBAI BENCH “A”, MUMBAI
Before: SHRI B.R. BASKARAN & SHRI ANIKESH BANERJEEAshokkumar Premchand Jain Ground Floor, 65/51, Shamseth Street, Zaveri Bazar, Mumbai- 400 002 PAN : AAJPJ5912B vs DCIT, Circle 23(1), Mumbai Piramal chambers Lalbaug, Parel, Mumbai-400 012 APPELLANT
PER ANIKESH BANERJEE:
Instant appeal of the assessee was filed against the order of the National
Faceless Appeal Centre (NFAC), Delhi *for brevity, ‘Ld.CIT(A)’) passed under section 250 of the Income-tax Act, 1961 (for brevity, ‘the Act’), date of order
27/09/2024 for A.Y. 2020-21. The impugned order was emanated from the order of the Assessment Unit, Income-tax Department passed under section 143(3)readwith section 144B of the Act, date of order 24/08/2022. 2
Ashokkumar Premchand Jain
The brief facts of the case are that the assessee has filed the return of income in the individual capacity. The assessee’s case was selected for limited scrutiny for verifying the issue of purchase of property which is shown to have been less than the value of the Stamp Duty Authority. During the impugned assessment year, the assessee purchased a property named as ‘Mody Building’ situated at C.S.No.1245, Bhuleshwar Division, C-Ward at 31-33-35, Shamseth Street, Mumbai, admeasuring about 233 sq.yds. During the assessment proceedings, the Ld.AO observed that the conveyance deed of the building dated 20/03/2020 revealed that the said property is duly registered with the Joint Sub-