TaxTMI 
TaxTMI 
2020 (6) TMI 707
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....nce of notice u/s 148 of the Act and secondly, the assessee is aggrieved by the additions made by the Assessing Officer in respect of long term capital gain on sale of agricultural land. 3. The grounds challenging the reopening of assessment and validity of notice u/s 148 of the Act read as under: 1. That the ld. Commissioner of Income Tax (Appeals), Rohtak has erred both in law and on facts in sustaining the initiation of proceedings u/s 147 of the Act and, completion of assessment u/s 147/143(3) of the Act which were without jurisdiction and deserved to be quashed as such. 1.1 That the learned Commissioner of Income Tax (Appeals) has failed to appreciate that there was no tangible and relevant material on record on the basis of which....
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....2013 and the Tribunal was of the opinion that the impugned land belonged to the HUF and the Tribunal was pleased to set aside the order of the first appellate authority and remit the matter back to the file of the Assessing Officer with a direction to verify whether the HUF has been assessed on the capital gain on the land in question and if so made on the individual assessee, needs to be deleted. 6. It appears that the Assessing Officer totally misinterpreted the directions of the Tribunal. Notice issued once again u/s 148 of the Act and reasons for issuance of notice are as under: "Assessment u/s 147/143(3) of the Act was made vide Order dated 26.03.2014 at an income of Rs. 3,13,660/- wherein the capital loss on sale of land wa....
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....,86,593/-). Therefore, in compliance of Hon'ble ITAT's Order the Capital Gains is to be charged to tax in HUF Status of the assessee by applying the same cost of acquisition of the land in question as determined in tfje case of Individual Status for the same assessment year. Thus, by taking the cost of acquisition of the land as on 01.04.1981 as,that determined in the Individual Status of the assessee vide Order u/s 143(3) dated 19.12.2011 the"Lpng-term Capital Gains in HU Sale Consideration of land 15 Kanal 2 Maria (302 Marla) Rs. 1,96,57,084/- Less: Cost of Acquisition 29294/-(30297=29294/-) Indexed Cost = 170491/-(29294*582/100=170491/-) Rs. 1,70,491/- Long Term Capital Gains Rs. 1,94,86,593/- As the Long-term Ca....