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TMI Blog2013 (4) TMI 576X X X X Extracts X X X X X X X X Extracts X X X X ..... in IT clearances and has also provided for obligation on the part of purchaser to maintain the property in good condition till such time. Thus CIT(A) has rightly held that the assessee continues to be a owner of the property atleast till March 2001 when the consideration was paid and hence the rental income from 1.4.2000 to March 2001 should be assessed in the hands of the Assessee - dismiss the Assessee's appeal on this issue. Addition u/s.68 - Held that:- The AO examined the submissions of all the partners and concluded that the introduction of capital in respect of partners who are assessed to tax have not been reflected in the returns. In the case of Smt. Ratan Bai Kothari introduction of Rs.1,90,000 cannot be sustained as she had no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T assesses and they have confirmed having lent the amounts in question. 9. The learned Commissioner of Income Tax (Appeals) failed to note that the assessee has identified the creditors and proved the genuineness of the loan transactions and as they happen to be Income Tax assessees, they should explain the source of the loans advanced in their hands and consideration of the same in assesses hands is against the spirit of Section 68, unjust and arbitrary. The order of this Tribunal in ITA No.919/H/2008 dated 24.12.2012 is rectified as under:- The Paragraph after the existing paragraph No 11 has been wrongly numbered as 10. Hence the paragraph after the existing par no 11 is renumbered as 11. The following Paragraphs shall be added a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Assessing Officer is not precluded from taxing the right person with respect to that income. Since in respect of the above premises sold to Sri Parasmal Jain and others, the appellant has received the sale consideration vide cheques towards the fag end of March 2001, having regard to the ratio of the above decision, in my view, the Assessing Officer was fully justified in taxing rental income of Rs.2,15,280 in respect of the said premises for the period from April 2000 to March 2001, in the hands of the appellant. Similarly, in respect of the premises located on the third floor of the building, which was sold to Smt. Gulab Bai Kothari and others, as the appellant has received the sale consideration during second half of January 2001 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o obtain IT clearances and has also provided for obligation on the part of purchaser to maintain the property in good condition till such time. If the intention was to hand over the ownership rights from 1.4.2000, then such clauses requiring the intended purchaser to keep the property in good condition and the Vendor/ Assessee to obtain IT Clearances would not have been included in the agreement for sale. As pointed out earlier there is no proof that possession has been handed over to the purchaser. In the circumstances the CIT(A) has rightly held that the assessee continues to be a owner of the property atleast till March 2001 when the consideration was paid and hence the rental income from 1.4.2000 to March 2001 should be assessed in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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