2022 (12) TMI 1119

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dent : Shri Shri B.D. Gupta, Sr.D.R. ORDER PER : T.R. SENTHIL KUMAR, JUDICIAL MEMBER:- This appeal is filed by the Assessee against the appellate order dated 28.08.2017 passed by the Commissioner of Income Tax (Appeals)-3, Rajkot, as against the assessment order passed under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year (....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dingly. The assessee objected to the above adoption of Jantri value by the Assessing Officer, stating that the two shops along with other 13 shops could not be sold by the assessee, because of the poor location of the property, which he could not sell the same for market value. Therefore he pleaded not to apply Section 50C in the above transaction. The assessee claimed that he had entered into a B....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d determined the capital gain at Rs. 4,01,223/- and demanded tax thereon. 3. Aggrieved against the assessment order, the assessee filed an appeal before the Ld. CIT(A) and reiterated the same arguments made before the Ld. CIT(A). The Ld. CIT(A) held that the Stamp Duty valuation comes into picture, only when the sale deed is put for registration. Therefore the assessee's argument that the Jantr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....me, the assessee is in appeal before us raising five grounds, but the only issue namely ld. CIT(A) erred in confirming the addition of Rs. 4,01,223/- relating to Long Term Capital Gain without considering the legal and statutory provision. None appeared on behalf of the assessee but a written submission by Authorized Representative Mr. D.R. Adhia filed before us. 5. The Ld. D.R. Mr. B.D. Gupta ....