TaxTMI 
TaxTMI 
2019 (3) TMI 8
X X X X Extracts X X X X
X X X X Extracts X X X X
....1. That the order of the Learned Income Tax Officer is wrong, illegal and against facts. Likewise CIT(A) is not justified while confirming the same. 2. That the Ld. AO has erred in law and on facts while reopening the assessment and Ld. CIT(A) is not justified while confirming the same. 3. That the AO has initiated proceedings on the basis of borrowed information and has not applied his mind and as such proceedings initiated are illegal, invalid and void-ab-initio. 4. That the Ld. CIT(A) has not appreciated the fact that assets being ancestral belong to HUF and as such AO is not justified while assessing capital gain in Individual hand. 5. That the CIT(A) has not appreciated the fact, affidavit filed to s....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he assesee has claimed purchase cost price of land as on 01.04.1981 at Rs. 13,81,500/- and further with the indexation cost price of the said land at Rs. 80,40,330/-. The calculation of long term capital loss calculated by the assessee is as under: By sale price of 1/3rd share of Agriculture land: Rs.91,22,045/- Less: Cost price as on 01.04.1981 Rs.13,81,500/- Cost as per cost inflation index (Rs.1381500 * 582/100 = Rs. 8040330/-) Long term capital gain Rs.10,81,715/- Less: Purchase of agriculture land u/s 54B Rs.24,37,340/ Long term capital Loss Rs.13,55,625/- As per material available on record the purchase of the said land is Rs. 816/- per Kanal and after indexation the value of the s....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the AY:2009-10 within the meaning of section 147 of the Act, 1961 and also other income chargeable to tax in respect of which the assessee is assessable, which has escaped assessment and which comes to notice subsequently in the course of the proceedings under this section for the Asst. Year 2009-10. 5.1 Let us to peruse the relevant provisions of law: "147. If the AO has reason to believe that any income chargeable to tax has escaped assessment for any A.Y., he may, subject to the provisions of sections 148 to 153, assess or reassess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of proceedings under this section, or recompute the lo....
X X X X Extracts X X X X
X X X X Extracts X X X X
....imum amount which is not chargeable to income tax. (b) Where a return of income has been furnished by the assessee but no assessment has been made and it is noticed by the assessing officer that the assessee has understated the income or has claimed excessive loss, deduction, allowance or relief in the return. (c) Where an assessment has been made, but- (i) income chargeable to tax has been under assessed; or (ii) such income has been assessed at too low a rate; or (iii) such income has been made the subject of excessive relief under this act; or (iv) excessive loss or depreciation allowance or any other allowance under this act has been computed." 5.2 The law on the provisions of sec....