TaxTMI 
TaxTMI 
2019 (2) TMI 808
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....- and agricultural income of Rs. 2,50,000/-. The case was subsequently selected for scrutiny for this assessment year. In the course of assessment proceedings, the Assessing Officer (AO) noticed that in the period relevant to the assessment year under consideration, the assessee; his siblings N. Suma, N. Manjunath, N. Radha and N. Nanjegowda, children of Smt. Nanjamma; along with Smt. Dyavamma, C. V. Lokesh Gowda, C. V. Sudha, C. V. Indira, C. V. Gayatri, C. V. Sobha and C. V. Rakesh, children of Shri. C. Venkatesh Gowda as confirming parties, sold agricultural land of about 2 acres in Sy. No. 25 in Baluvanahalli, Kolar District vide registered sale deed dated 28.11.2012 for a consideration of Rs. 80 lakhs; which is paid as under: N. M. ....
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....ural income was accepted as returned at Rs. 2,50,000/-. On appeal, the CIT(A) confirmed the action of the AO; dismissing the assessee's appeal vide the impugned order dated 29.06.2018. 3. Aggrieved by the order of CIT(A)-14, Bangalore dated 29.06.2018 for Assessment Year 2013-14, the assessee has preferred this appeal before the Tribunal raising the following grounds: 1. The order of the learned Commissioner of Income Tax (Appeals) in so far as it is against the appellant is opposed to law, equity and weight of evidence, natural justice, facts and circumstances of the case. 2. The appellant denies himself liable to be assessed to a total income of Rs. 23,63,474/ as against the total income returned by the appellant of R....
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....and ought to have been assessed for capital gains in the individual hands of the recipients, on the facts and circumstances of the case. 8. The learned CIT(A) was not justified on fact, in appreciating that the AO has disregarded the expenditure incurred of Rs. 5,00,000/- in computing the capital gains, thereby adopted a pick and choose method in arriving at the taxable capital gains, which was impermissible on the facts and circumstances of the case. 9. The learned CIT(A) was not justified in appreciating that the AO has adopted an adhoc figure of Rs. 56,770/- towards additions of borewell and compound made to the property against the amount of Rs. 5,00,000/-, without cogent reasoning on the facts and circumstances of the....
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....ny or all of the above grounds of appeal as may be necessary at the time of hearing. 16. In view of the above and other grounds that may be urged at the time of the hearing of the appeal, the appellant prays that the appeal may be allowed and appropriate relief be granted in the interest of justice and equity. 4.1 I have heard the rival contentions; considered the submissions made and the other material on record. The facts of the matter in respect to the sale of the aforesaid property at Baluvanahally, Kolar District, as narrated above at paras 2.1 and 2.2 of this order (supra) are uncontroverted. It is seen that the AO in his order, accepts the payment of Rs. 32 lakhs made by the assessee to the children of the late C. Venkate....
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....e assessee on sale of aforesaid property, I admit the aforesaid details/documents at pages 48 to 53 of Paper Book under Rule 29 of the Income Tax (Appellate Tribunal) Rules, 1963. 4.3 In view of the factual matrix and the circumstances of the case, as narrated above, I am of the considered view that the interest of substantial justice would be well served if the impugned order of assessment dated 30.03.2016 for Assessment Year 2013-14 is set aside and restored back to the file of the AO for the limited purpose of verifying whether the persons shown as siblings, i.e., consenting witnesses are actually the siblings of the assessee and whether they have received the payments as laid out in the recitals of the sale deed dated 18.11.2012. If ....