2020 (7) TMI 327

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.... individual, who filed his return of income for the year under consideration originally on 05.09.2012 declaring total income of Rs. 4,80,516/-. The said return was initially processed by the Assessing Officer under section 143(1) of the Act on 19.08.2013. Subsequently it was, however, noticed during the course of scrutiny proceedings of Shri Samaresh Mondal, brother of the assessee for A.Y. 2012-13 that the said Shri Samaresh Mondal and assessee had jointly sold the immovable property owned by them during the year under consideration and both of them had failed to declare the said transaction in their returns of income filed for the year under consideration. It was also noticed that the proportionate share of the assessee out of the total m....

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....ned the fair market value of the assessee's property as on 01.04.1981 at Rs. 10,913/- per acre. By adopting the said valuation, the indexed cost of acquisition of the property was worked out by the Assessing Officer at Rs. 18,416/- and after deducting the same from the assessee's share of sale consideration amounting to Rs. 13,02,661/-, long-term capital gain of Rs. 12,84,245/- was assessed by the Assessing Officer in the hands of the assessee in the assessment completed under section 143(3)/147 of the Act vide an order dated 27.12.2016. 3. Against the order passed by the Assessing Officer under section 147/143(3) of the Act, an appeal was preferred by the assessee before the ld. CIT(Appeals) and since the submissions made on behalf of the....