IN THE ITAT, MUMBAI BENCH

PAWAN SINGH, J.M. & S.R. RAHMAN, A.M.

Vinay Toshniwal, HUF v. Dy. CIT

I.T.A. No. 5885/Mum/2019

26 February, 2020

Appeal Allowed.

Appellant by: Vijay Mehta FCA/AR

Respondent by: Sushilkumar Poddar, CIT-DR

Pawan Singh, J.M.

1. This appeal filed by the assessee is directed against the order of learned Commissioner (Appeals)-3, Mumbai dated 9-8-2019 for the assessment year 2016-17. The assessee has raised the following modified grounds of appeal :--

'Ground No. 1:

On the facts and circumstances of the case and in law, Hon'ble Commissioner (Appeals) grossly erred in taxing a sum of Rs. 22,50,00,000 being proceeds on sale of tenancy rights, under section 68 of the Income Tax Act, 1961 ('the Act') as cash credit. The Appellant prays that the said action of the Hon'ble Commissioner (Appeals) may kindly be deleted.

Ground No. 2:

On the facts and circumstances of the case and in law, the Hon'ble Commissioner (Appeals) grossly erred in confirming the action of assessing officer of not allowing exemption under section 54F of the Act. The Appellant prays that the said action of the Hon'ble Commissioner (Appeals) may kindly be deleted.'