TaxTMI 
TaxTMI 
2019 (10) TMI 657
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....essing this issue. The Ld.counsel has also made an endorsement to that effect in the appeal folder. 4. I have gone through the orders of both the authorities below The Assessing Officer found that the assessee has not filed return of income for assessment year 2008-09. However, on the basis of the sale deed registered, the Assessing Officer issued notice under Section 148 of the Income-tax Act, 1961 (in short 'the Act') for reopening of assessment. Therefore, this Tribunal is of the considered opinion that the Assessing Officer has rightly reopened the assessment. Accordingly, the reopening is confirmed. 5. The next ground of appeal is with regard to determination of sale consideration. 6. Shri S. Sridhar, the Ld.counsel fo....
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....see is one of the co-owners among four others. In other words, the assessee's interest in the property is 1/5th. This Tribunal in the case of Shri S. Sathyamurthy, one of the co-owners, found that the sale consideration is only Rs. 25 lakhs. In fact, this Tribunal has observed as follows at para 4 of its order dated 30.10.2018:- "4. I have considered the rival contentions and perused the orders of the authorities below. Contention of the assessee is that the sum received was erroneously considered by him as Rs. 30,00,000/-, against actual amount of Rs. 25,00,000/- mentioned in the deed. It is not disputed that the value fixed for the property by the Departmental Valuation Officer u/s.50C of the Act was only Rs. 18,77,000/- though h....
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....hree years after that date constructed, one residential house in India (hereafter in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,- (a) if the cost of the new asset is not less than the net consideration in respect of the original asset, the whole of such capital gain shall not be charged under section 45 ; (b) if the cost of the new asset is less than the net consideration in respect of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of the new asset bears to the net consideration, shall not be charged under section 45 : Provided ....
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....in clause (a), or, as the case may be, clause (b), of sub-section (1), shall be deemed to be income chargeable under the head "Capital gains" relating to long-term capital assets of the previous year in which such residential house is purchased or constructed. (3) Where the new asset is transferred within a period of three years from the date of its purchase or, as the case may be, its construction, the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such new asset as provided in clause (a) or, as the case may be, clause (b), of sub-section (1), shall be deemed to be income chargeable under the head "Capital gains" relating to long-term capital assets o....
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.... section 45 on the basis of the cost of the new asset as provided in clause (a) or, as the case may be, clause (b) of subsection (1),exceeds(b) the amount that would not have been so charged had the amount actually utilised by the assessee for the purchase or construction of the new asset within the period specified in sub-section (1) been the cost of the new asset,shall be charged under section 45 as income of the previous year in which the period of three years from the date of the transfer of the original asset expires ; and(ii) the assessee shall be entitled to withdraw the unutilised amount in accordance with the scheme aforesaid." 12. Section 54F of the Act does not require filing the return of income before the due date under Sect....