Case Law Details
Pawan M. Shah Vs ITO 23(2)(5) (ITAT Mumbai)
ITAT Mumbai held that merely because the assessee couldn’t explain the balance amount of Rs. 8,57,000 mentioned in computation of income and return, the same cannot be added to the total income. Addition not sustainable on the basis of typographical error.
Facts-
During the course of assessment proceedings, it was observed that during FY 2013 – 14 the assessee has sold residential flat at Bandra for the total consideration of Rs. 1,00,20,000. The said property was jointly owned by the assessee and her son.
Upon verification of the return filed by assessee’s son, it was observed that he has offered under the head ‘capital gain’, the value of consideration from sale of the said property at Rs. 14,50,000 only against which he has claimed deduction under section 48 the cost of acquisition without indexation at Rs. 7,09,827 and the balance amount of Rs. 7,40,173 is offered for taxation. The bank statement of assessee’s son also confirms the amount of Rs. 14,50,000 received by him.
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