2023 (1) TMI 720

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.... by the Learned Assessing Officer ("AO") vide assessment order ("AOR") dated 23/12/2016 under section 143(3) of the Income-tax Act, 1961 ("the Act") and confirmed by the Learned Commissioner of Income Tax Appeals ("CIT A") vide order dated 29/01/2019 is not in accordance with the law & therefore not sustainable. 2. That the CITA has erred both in law & on facts by rejecting the Appellant's submissions against the AOR and confirming the additions made by AO on the following grounds: - a. The order passed is in complete disregard of the factual details and submissions filed by the appellant during the course of the assessment proceedings and appeal before the Commissioner of Income Tax (Appeals). b. The Assessing officer has erre....

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....tal loss on property, sale consideration of property in ITR is less than sale consideration reported in Form No. 26QB and large deduction claimed u/s 54B, 54C, 54D, 54G, 54GA'. Accordingly, notice u/s 143(2) and 142(1) of the Act were issued and served on the assessee. The representative of the assessee has participated in the assessment proceedings and assessment order came to be passed wherein deduction claimed by the assessee u/s 54 of the Act of Rs. 3,58,47,768/- has been restricted to Rs. 1,79,23,884/- and an addition of Rs. 74,49,302/- is added back to the income of the assessee by computing the income of the assessee at Rs. 78,18,640/- as against income declared by the assessee at Rs. 3,69,340/- and passed assessment order on 23/12/2....

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....er sale of property on 10/09/2103 after an amount of Rs. 1,00,00,000/- being paid by the son of the assessee for purchase of Flat at JP Greens. Thus, the Ld. A.O. has confronted the AR as to why not the deduction claimed u/s 54 be restricted to 50%. But the Ld. AR has expressed his inability to provide the details. Thus, the Ld. A.O. found that both the assessee and her son have together invested in the house property at JP Greens and the deduction claimed u/s 54 of the Act by the assessee has been restricted to 50%. 9. During the appeal proceedings before the CIT(A), it is the specific case of the assessee is that as per the provision of Section 54 of the Act, if a person within a period of one year before two years after the date of tran....