2021 (6) TMI 537

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....ever, they are extracted herein below for reference:- "1. The order of the Ld. CIT (A) confirming the action of the AO adopting value by invoking provisions of section 50C for computation of capital gains is not only erroneous both on facts and in law but is contrary to the principles laid down by the judicial forums. 2. The Ld. CIT (A) erred in not appreciating the facts that are presented relating to the arguments entered into in 2006 and not considering the subsequent events and thereby erred in upholding the rate as per SRO of 2009 of Rs. 5,15,88,000/- though it is held by the Tribunals that only the rate at the time of agreement should be considered even U/s. 50C and thereby erred in confirming the order of the AO. ....

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....find that the delay of 11 days in filing of the assessee's appeal before the Tribunal has occurred due to the oversight of the assessee's Counsel for which the assessee should not be panelised. Therefore, in the interest of justice, We hereby condone the delay of 11 days in filing the appeal before the Tribunal and proceed to adjudicate the appeal on merits. 5. The brief facts of the case are that the assessee is an individual who had failed to furnish his return of income for the AY 2010-11. Subsequently it was revealed that the assessee has sold a property on 19/10/2009 wherein the provisions of Section 50C of the Act is attracted. Thereafter, notice u/s. 148 was issued to the assessee on 9/2/2015 and served on the assessee on 24/2/201....

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....her the details required for completing the assessment before the Ld. AO due to the permanent illness of his wife and her subsequent demise on 29/1/2016. It was further submitted that the assessee is a senior citizen undergoing lots of stress due to which he could not properly assisted his Counsel even during the appellate proceedings. It was therefore requested that one more opportunity may be provided to the assessee to pursue his case as he has fairly a good chance to succeed. The Ld. DR on the other hand strongly opposed to the submission of the Ld. AR and requested for confirming the order of the Ld. Revenue Authorities. 7. We have heard the rival submissions and carefully perused the materials on record. From the facts of the case ....