2019 (12) TMI 1077

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.... the fact that the delay is only one day, the delay is condoned. 3. Brief facts of the case are that the assessee, an individual, deriving income from business, filed his return of income for the A.Y 2011-12 on 13.6.2012 declaring total income of Rs. 1,73,400/-. According to the information received by the Department, the assessee has sold two immovable properties vide document No.1993/2010 and 1994/2010 both dated 29.6.2010 during the relevant previous year for a value of Rs. 9,22,000/- each as against the SRO value of Rs. 16,38,000/- each respectively. The AO observed that the SRO value being higher than the sale consideration mentioned in the sales deed, the provisions of section 50C are applicable. Accordingly, a showcause notice was....

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....hearing. The regular grounds raised by the assessee as well as the additional ground are as under: Regular Grounds: "1. On the facts and in the circumstances of the case, the order passed by the learned Commissioner of Income Tax (Appeals) -1, Hyderabad is erroneous and bad in law. 2. On the facts and in the circumstances of the case, the learned Commissioner of Income Tax (Appeals) -1, Hyderabad ought not to have dismissed the appeal filed. 3. On the facts and in the circumstances of the case, the learned Commissioner of Income Tax (Appeals) -1, Hyderabad erred in upholding the orders passed by the learned Assessing Officer being the ITO- Ward 4(3), Hyderabad determining the normal income of the appellant at R....