2018 (3) TMI 382

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....29.03.2012 was beyond four years, while so called escapement of income was only Rs. 67,190/- as mentioned in reasons of issue of notice u/s 148. Hence initiation of proceedings was illegal and not justified 2. The Learned CIT(A) has erred in confirming the addition of Rs. 15,13,717/-income from long term capital gain on basis of cutpaste observations of other case. Hence Learned CIT(A) has not given any findings on correct submission of assessee. i) The Learned CIT(A) has wrongly confirmed addition of long term capital gain of Rs. 2,87,252/- after applying wrongly adopted indexed cost by A.O. for the 1/3d sale proceeds of property Plot No. 5, Hathi Babu Ka Bagh, Station Road, Jaipur on the evaluated value adopted by Sub-Re....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....A) has wrongly confirmed addition of Rs. 15,67,840/- by invoking provisions of Sec. 50C which is not justified. 3. The assessee can add alter or amend any ground of appeal before hearing or during hearing." 2. Ground no. 1 is regarding validity of reopening. At the time hearing, the learned counsel for the assessee has stated at bar that the assessee does not press ground no. 1 and the same may be dismissed as not pressed. The ld. DR has raised no objection if ground no. 1 of the assessee's appeal is dismissed as not pressed. Accordingly the ground no. 1 of the assessee's appeal is dismissed being not pressed. 3. The assessee has raised the issue of assessability of capital gain from sale of capital asset in question in the y....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....time pleaded by the assessee at this stage, the same cannot be allowed. Hence, we reject the ground No. 2(iii) of the assessee's appeal and the same is not arising from the impugned orders of the authorities below and the assessee has also not sought in prior leave of the Tribunal for raising such an issue first time at this stage. 5. As regards the ground no. 2(iv) & (v) since, the Assessing Officer has initiated proceeding u/s 147/148 to assess the income being capital gain escaped from assessment on the basis of the information of transfer of the capital asst by the assessee along with the other coowners through sale deed therefore, this fact of sale deed dated 04.03.2004 was very much in the knowledge of the Assessing Officer. Though....