AI Drafter 
TaxTMI 
TaxTMI 
2022 (12) TMI 1343
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....ent framed by Ld. Assessing Officer [AO] u/s.143(3) of the Act on 19-02- 2016. The grounds taken by the assessee read as under: 1. For that the order of the Commissioner of lncome Tax (Appeals) is contrary to law, facts and circumstances of the case. 2. For that the order of the Commissioner of Income Tax (Appeals) is against the principles of equity, natural justice and fair play. 3. For that the Commissioner of Income Tax (Appeals) failed to appreciate that the order of the Assessing Officer is without jurisdiction. 4. For that the Commissioner of Income Tax (Appeals) erred in confirming the addition made by the Assessing Officer towards long term capital gains. 5. For that the Commissioner of ....
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....submitted that assessee preferred a rectification application u/s 154 against assessment order on 30.09.2016 which was rejected on 02.12.2016. The assessee filed revision petition u/s 264 on 15.07.2017 against rejection of rectification application. However, as per legal advice, the revision was withdrawn on 27.03.2018 and the assessee was advised to file further appeal against first appellate order before Tribunal. Since the assessee was residing outside India, the formalities were completed with delay and the appeal was finally filed on 03.05.2018. Under these circumstances, Ld. AR submitted that the assessee was pursuing alternative remedy. The Ld. Sr. DR opposed condonation of delay on the ground that it was only after the rejection of ....
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.... into a residential complex and agreed to give the owners payment of Rs.225 Lacs in cash and 2 flats of 2200 Sq. Ft. Each. Accordingly, the gains were computed by the owners in the following manner: - Particulars Mrs. Sarada Mrs. Mini MrK.Gopala Menon Pillai Krishnan Sale consideration Cash 75,00,000 75,00,000 75,00,000 Flat Value (4400 sq.ft. Rs.10000 Guideline value 2,20,00,000 2,20,00,000 Total 2,95,00,000 2,95,00,000 75,00,000 Less: Indexed Cost 3,35,776 3,35,776 3,35,776 Long Term Capital Gains 2,91,64,224 2,91,64,224 71,64,224 Invested in Bldg. 2,20,00,000 2,20,00,000 21,64,228 Invested in B....
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....the builder, Ld. AO adopted the value of the proposed flats at Rs.161.65 Lacs each and arrived at value of two flats at Rs.323.23 Lacs. Thus, the total sale consideration was computed at Rs.548.30 Lacs (Rs.225 Lacs + Rs.323.23 Lacs). The assessee's share therein would be Rs.182.76 Lacs. The benefit of indexation was allowed only from financial year 2009-10 when the assessee acquired the property. Accordingly, 1/3rd cost of acquisition was worked out at Rs.0.26 Lacs. 4.4 The assessee claimed deduction for investment in specified bonds u/s 54EC for Rs.50 Lacs. The assessee also claimed deduction u/s 54 for Rs.73.66 Lacs which was also allowed. Finally, taxable Long-Term Capital Gains were worked out at Rs.58.83 Lacs. 4.5 The assessee's ....
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....ivided by assessee's mother and sister. The three joint owners have computed capital gains in the above manner and has paid due taxes thereon accordingly. 6. The perusal of assessment framed in the hands of Smt. Mini Pillai u/s 143(3) order dated 30.03.2016 would show that Ld. AO has adopted sale consideration for this assessee at Rs.295 Lacs and granted deduction u/s 54 to the extent of Rs.220 Lacs for deemed investment in the proposed flat. After making adjustment in cost of acquisition, Ld. AO computed capital gains of Rs.24.73 Lacs. The assessee preferred further appeal to seek adjustment in cost of acquisition as well as cost of improvement which was allowed by ld. first appellate authority vide order dated 23.04.2018. 7. The per....