2015 (4) TMI 1045

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....CCOUNTANT MEMBER:   This is an appeal filed by the Revenue against the order of the Commissioner of Income-Tax-II, Surat dated 28.6.2011. 2. The sole ground of appeal of the Revenue reads under: "1. On the facts and circumstance of the case and in law, the ld.CIT(A) has grossly erred in deleting the addition of Rs. 65,98,214/- being the 1/3rd share of the appellant in the long ....

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.... taken as Rs. 2,32,65,900/-. Since the assessment was getting time barred, the AO completed the assessment taking the sale consideration of land at Rs. 2,32,65,900/-, and accordingly made addition of 1/3rd of the capital determined after deducting Rs. 11,40,500/- being interest cost of the land worked out the capital gain at Rs. 65,98,214/- and added to the income of the assessee. 4. On appeal,....

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....fore us by taking the above ground of appeal. 6. The DR supported the order of the AO. 7. The AR of the assessee has filed adjournment petition stating therein that Shri Dennis Choksi, who is authorized representative in the present appeal is extensively busy in attending the time barred income tax matters to be completed before 31/3/2015, and hence appeal should be adjourned to a later date....

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....s of the assessee. Being satisfied, the AO referred the matter to the valuation officer on 28.12.2010, but as the assessment was getting time barred, he completed the assessment by taking the sale consideration as the value determined by the sub- Registrar at Rs. 2,32,65,900/-. The assessee carried the matter in appeal before the CIT(A) who directed the AO to take the sale consideration as determi....