2018 (1) TMI 384

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....s well as is in facts in increasing long term capital gain by Rs. 2,52,843/- by reducing the value of purchase of gold just on the basis of surmise and conjecture.'' 2.1 At the outset of the hearing, the Bench observed that the appeal filed by the assessee is late by 2 days for which the ld. AR of the assessee filed the application for condonation of delay dated 01-09-2016 with the prayer that the assessee was out of Jaipur due to some urgent work and therefore, he was not able to sign Form 36 which led to delay of 2 days in filing the appeal. 2.2 After hearing both the parties, perusing the materials available and the facts and circumstances of the present case, the delay of 2 days in late filing the appeal by the assessee is condone....

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....y allowed. 4.1 Apropos Ground No. 2 of the assessee, the facts as emerges from the order of the ld. CIT(A) is as under:- 4.3 I have perused the facts of the case, the assessment order and the submissions of the appellant. During the year under consideration the assessee has shown long term capital gain on sale consideration of Gold jewellery. It was seen that the assessee has purchased gold bar of 1000 gm. on 11.11.2004 and 300 gm on 08.09.2006. The sale of 800 gm is made during the year. The assessee has taken the average price from the two purchases and indexed the cost from financial year 2006-07, however, the Assessing Officer has held that the sale was made from the bill of 1000 gm and the cost has been taken as per the bill but ....