TaxTMI 
TaxTMI 
2021 (9) TMI 846
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....ned CIT(Appeals) has erred in law and facts in confirming the action of learned A.O. whereby a HUF property is assessed in Individual hands of Assessee. (Tax Effect: 14,08,050/-) 3. The learned CIT(Appeals) has erred in law and facts in confirming the action of learned A.O. in making addition of Rs. 22,67,610/- being long term capital gain. (Tax Effect: 14,08,050/-) 4. The learned CIT (Appeals) has erred in law and facts in not allowing the correct value of indexed cost of acquisition of land as on 1-4-1981 claimed at Rs. 1,42,825/- against allowed at Rs. 8,318/-. (Tax Effect: 2,22,339/-) 5. That appellant craves leave to add, alter, amend or to substitute the above grounds of appeal eit....
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....acts on record and reliance is placed on the decision of Hon'ble Supreme Court in the case of National Thermal Power Company Limited vs. CIT - 229 ITR 383 (SC). In the light of above, Hon'ble bench is requested to admit the additional ground of appeal under rule 11 of Income Tax Appellate Tribunal Rules 1963. 3. During the course of hearing the Ld. Counsel for the assessee submitted that although the aforesaid additional ground is embedded in Ground No. 3. However precautionary it has been raised as an additional ground for which no new fact are required as the same are available on the record. Therefore this additional ground may be admitted in view of the ratio laid down by the Hon'ble Supreme Court in the case of ....
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....ction 148 of the Act the A.O. issued several other notices. The assessee furnished the written submissions dt. 25/01/2016 which has been incorporated by the A.O. in para 3 of the assessment order dt. 09/03/2016. The Assessee again filed the written submission on 26/02/2016 which has been incorporated in para 3.1 of the aforesaid assessment order, for the cost of repetition the same is not reproduced herein. Since the assessee did not comply with the notices issued under section 148 of the Act and did not furnish the Income Tax Return, the A.O. proceeded under section 144 of the Act and framed the assessment ex parte by considering the income of Rs. 22,67,610/- as taxable under the head Long Term Capital Gain. 8. Being aggrieved the asses....
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....measures to prevent creation of third party rights, change of the nature of the land or dispossession of the farmers to whom full sale consideration has not been paid so far. Our attention was drawn towards page nos. 24 to 26 of the assessee's paper book which is the copy of the aforesaid judgment. It was accordingly submitted that the purchaser was not in possession of the land till the cheque was cleared on 01/10/2008 and the possession was already with the assessee, therefore this transaction was pertaining to the A.Y. 2009-10 and not to the A.Y. under consideration i.e; A.Y. 2008-09. 12. In her rival submissions the Ld. DR strongly supported the orders of the authorities below and further submitted that the judgment dt. 05/02/200....