2021 (10) TMI 551

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....Roy, JM The instant appeal filed by the assessee is directed against the order dated 27.08.2018 passed by the Commissioner of Income Tax (Appeals), Jamnagar arising out of the order dated 18.02.2016 passed by the ITO, Ward - 1(1), Jamnagar under Section 144 r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred as to "the Act") for the Assessment Year (A.Y.) 2008-09. 2. Denial of benef....

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....appeal considered the cost of acquisition of the property at Rs. 11,65,000/- for the purpose of computing the capital gain on the basis of the report of the District Valuation Officer (DVO). 3. The Ld. CIT(A) passed the following orders in appeal. The relevant portion whereof is as follows:- "13.2 Again the appellant's AR during the course of appellate proceeding vide his letter da....

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....e mentioned that the copy of remand report dated 05/06/2018 along with copy of valuation report of the departmental valuation officer were provided to the appellant and she was requested to file her reply. In response the AR of the appellant i.e. Shri Bhavin Shah, CA attended the appellate proceedings and stated that he is in agreement with the remand report with the AO, The AR has not raised any ....

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....perty at 11,05,750/- and accordingly compute the capital gain." 4. However, the benefit of basic exemption of Rs. 1,45,000/- has not been extended to the assessee. The Ld. CIT(A) while rejecting the claim of the assessee observed that the assessee was mandatorily required to file the return of income for the year under consideration which he has failed to do. In that view of the matter the clai....