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TMI Blog2014 (8) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... has rightly restricted the addition in the facts and circumstances of the case, no error has been committed by the Tribunal restricting the addition – rest of the grounds urged by the revenue are admitted for adjudication - Decided against Revenue. - Tax Appeal No. 532 of 2014 - - - Dated:- 7-7-2014 - M. R. Shah And K. J. Thake,JJ. For the Petitioner : Mrs. Mauna M. Bhatt For the Respondent : None ORDER (Per : Honourable Mr. Justice M. R. Shah) 1.0 Leave to correct the address of the respondent assessee in the cause title. 2.0 Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income Tax Appellate Tribunal ( hereinafter referred to as the Tribunal ) passed in IT(SS) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of bogus purchases? (B).Whether the Appellate Tribunal has substantially erred in deleting the addition of ₹ 7,90,000/- being disallowance of interest expense? (C).Whether the Appellate Tribunal has substantially erred in deleting the addition of ₹ 21,50,000/- being deemed income under Section 68 of the Act? (D). Whether the Appellate Tribunal has substantially erred in deleting the addition of ₹ 5,31,810/- out of ₹ 5,72,810/- being deemed income under Section 69 of the Act? 4.0. Now, so far as proposed question of law B i.e. addition of ₹ 7,57,000/- being undisclosed income on sale of house and deletion made by the learned Tribunal, it appears that while considering the aforesaid issue, the learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be made to the extent of Assessee's share. We therefore restrict the addition to ₹ 1,08,000/- (rounded off being 1/7th share of sale proceeds of ₹ 757000/-). Thus this ground of the Assessee is partly allowed. 3RD Ground is with respect to deduction of interest of ₹ 7,90,000/. 4.1. Considering the above factual aspects and more particularly, it was found that being one of the seven legal heirs the share of the Assessee in the property was to the extent of 1/7th share, the learned Tribunal has rightly restricted the addition to ₹ 1,08,000/- (rounded off being 1/7th share of sale proceeds of ₹ 757000/-). We see no reason to interfere with the aforesaid finding recorded by the learned Tribunal and consequ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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