TaxTMI 
TaxTMI 
2019 (2) TMI 2052
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....n'ble Appellate Tribunal for condonation of the short delay in submission of the appeal. In support of the above the assessee also filed an affidavit attested by the Notary dt. 14/03/2017 stating therein as under: I, Jhanda Singh S/o Anup Singh, PAN - CCKPS3117G, resident of Vill - Ratauli, Yamuna Nagar hereby solemnly affirm and declare as under : 1. That I preferred an appeal to the Commissioner (Appeals) Panchkula against the Assessing Officer's order of assessment dated 31/03/2015 for the assessment year 2007-08 3. That I received the order of the said Commissioner (Appeals) Panchkula on 12/11/2016. 4. That being aggrieved by the said order 1 requested my CA Messrs. Amar Jeet and Pankaj Associates Chartered Accountants to prefer an appeal to the Hon'ble Appellate Tribunal and submitted the required documents well in time to them and they undertook to do the needful . but due to the rush of work of filing Income Tax Returns and demonetisation returns the said appeal was delayed. 7. That soon thereafter I got in touch with my auditors and had the appeal filed on 14/03/2017 which was delayed. Assessee also filed affidavit of the CA Sh. Amarjeet Singh ....
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....otal. From the above grounds it is gathered that the grievance of the assessee relates to the sustenance of addition of Rs. 25,51,176/-. 7. Facts of the case in brief are that the Assessing Officer on the basis of information observed that the assesee along with S/Sh Dharam Singh and Kuldip Singh sold land measuring 28 Kanal 2 marla to M/s Jyotima Buildwell Pvt. Ltd., New Delhi for a consideration of Rs. 1,18,75,763/- on 18/07/2006. And the land sold was covered with in the ambit of capital asset as per the provisions of Section 2(14) of the Income Tax Act, 1961 (hereinafter referred to as 'Act') as the distance of land sold in Vill- Ratauli was within 8 Km. of municipal limit of Jagadhri. The Assessing Officer worked out the capital gain on the sale proceeds at Rs. 1,15,15,260/- and 1/3rd share of the assessee at Rs. 38,38,420/-. The Assessing Officer reopened the case by initiating the proceedings under section 147 of the Act. The assessee submitted to the Assessing Officer as under: 1. Regarding the indexed cost of improvement worth Rs.10,24,071/- claimed in our return dated 01/05/2014 we submit that said expenses was about the expenses incurred on filling of land sold dur....
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....e submit that the illiterate agriculturists were not maintaining any books of accounts and they were not aware that the bills and invoices may be required in future. They were living in kuccha houses and after sale of their agriculture land they have constructed new lantered houses after demolition of the old houses. The copies of invoices can be gathered from the suppliers of material but it need some time. Your goodself is requested to grant fortnight's time to submit the copies of invoices. However the certificate from approved valuer regarding estimated cost of construction and estimated year of construction is already placed on record." The assessee also filed the revised return on 11/03/2015 declaring total income of Rs. 1,07,587/- and agricultural income of Rs. 2,50,000/- claiming therein Long Term Capital Gain as exempt. The computation of income was as under: Full Value of consideration Rs. 42,47,381/- Cost of acquisition after indexation Rs. 5,54,193/- Balance Rs.36,93,188/- Deduction u/s 54/54B/54D/54EC/54F Rs. 35,85,601/- Net Balance Rs. 1,07,587/- 8. The Assessing Officer however made the addition of Rs. 29,77,....
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....ent in the agricultural land on the ground that the said investment was in the name of son of the assessee. It was contended that the assessee sold agricultural land jointly with his brother and further purchased the agricultural land jointly with his brother however he had given his son's name as he is old and not able to do the legal formalities and he is dependent on his son who is taking care of the agricultural activity. It was further submitted that the assessee also claimed exemption under section 54F for investment in construction of house for Rs. 14,31,440/-. 10. Ld.CIT(A) after considering the submissions of the assessee observed that the FMV of the land as on 01/04/1981 considered by the Assessing Officer was based on the registered sale deed dt. 27/06/1981 of land sold in a nearby Village Jaroda where as the FMV adopted by the assessee was on the basis of valuer report based on general enquiry about market rate prevailing in village Ratauli. He also observed that the Assessing Officer applied the rate on the basis of sale deed of another village which was farther from the municipal limit of Jagadhri. Therefore, the Assessing Officer was not justified in rejecting the F....
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....e of Dalbir Singh(supra) wherein the relevant findings has been given in para 5 to 8 which read as under: "5. Before us the Ld. Counsel for the assessee has submitted that the assessee is a rural agriculturist and resides in joint family with his two sons and grandsons. That all the members of the assessee family have been cultivating agricultural land jointly and having a common kitchen. That the agricultural land sold by the assessee was ancestral land. That since the age of the assesee was progressing, as he was already of 61 years and he was not keeping good health, he thought it proper to purchase the agricultural land out of sale proceeds in the name of his two sons. That the money invested in the new capital asset i.e agricultural land was out of sale proceeds of the agricultural land sold. He therefore, has submitted that the lower authorities were not justified in denial of deduction u/s 54B of the Act. 6. The Ld. DR, on the other hand, has relied on the findings of the lower authorities. 7. After considering the rival submissions of both the parties and in view of the submissions of the Ld. Counsel for the assessee that the assesee being an old aged person and was....