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2023 (1) TMI 955
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....nt Year: 2014-15 Sub : Petition praying condonation of delay of 507 days in filing the appeal. Your Honours, In my case, the Ld. C.I.T.(Appeals), Siliguri passed order u/s. 250 of the Act dated 06.08.2019 for A.Y. 2014-15 confirming the addition of Rs.54,84,714/- (wrongly mentioned as Rs.54,54,714 in the appellate order) made by the A.O. on the alleged ground of non-disclosure of actual LTCG arising from sale of a jointly held land measuring 71 kathas. The said order was received by me on 20.08.2019 and the appeal is filed before this Hon'ble Tribunal on 09.03.2021, resulting in a delay of 507 days beyond the prescribed due date for the following reasons. 1) The said appellate order was given to Mr. B.K. Pradhan, A.R., who was representing my case before the department, sometime in the 2nd week of September, 2019 for future course of action in the matter. He assured me that immediately after the Durga Puja is over by 8th October, 2019, he himself will go to Kolkata for consultation and opinion of a Senior Lawyer and the appeal will be filed within the due date. 2) Thereafter Mr. Pradhan did not inform me anything and I also forg....
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....Provisions) Act, 2020 extended the due date of all compliances under the I.T. Act falling between to 31.12.2020 to 31st March, 2021. 8) That the circumstances stated above were beyond the control of the appellant and, therefore, there was no mala fide intention behind not filing the appeal within the prescribed time; because in that case your appellant would be the sufferer by paying additional income-tax on such an income which is not taxable at all under the Act. Therefore when the delay is not voluntary, the provisions of condonation of delay should be liberally applied. 9) The Hon ble Supreme Court in the case of Collector, Land Acquisition vs. Mst. Katiji & Ors.,[1987] 167 ITR 471 (SC) held that the Courts should have a pragmatic and liberal approach while* considering the petition for condonation of delay. Their Lordships have also held that when substantial justice and technical considerations are pitted against each other, the cause of substantial justice should be preferred. In support of condonation of delay for bona fide reasons beyond the control of the appellant, the appellant would also rely on the order of jurisdictional Tribunal in the case of Vino....
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....ssee is from 20t h October, 2019 upto 2n d week of March, 2020. He prayed that this delay be condoned. 4. On the other hand, ld. D.R. oppose d the prayer of the assessee and contended that there is a huge delay of more than 150 days. It should not be condoned. 5. On due consideration of the above facts and circumstances, we are of the view that the assessee has not adopted the de lay as a strategy to fight his income-tax litigation. On account of bonafide belief, this delay has happened. It is also observed that the assessee will not gain by delaying his appeal. In other words, that this delay has not been adopted as a dilatory strategy of income-tax litigation. Therefore, we allow this application and condone the delay. We proceed to decide the appeal on merit. 6. The assessee has taken seven grounds of appeal. However, his whole grievance revolves around a single issue namely, ld. Assessing Officer has erred in determining the long-term capital gain assessable in the hands of assessee at Rs.66,19,249/-. 7. Brief facts of the case are that 71 cottahs of land situated within the revenue estate of Mouza of Panchanoi, R.S. Plot No. 207, P.S. Pradhan Nagar, District- Darje....
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....n 50C contemplates a deeming situation whereby the full value of the sale consideration is to be deemed equivalent to the amount on which stamp duty was paid for the purpose of calculating the capital gain. He further contended that sub-section (2) of section 50C further provides an adequate machinery provision to the assesses which contemplates that in case an assessee disputes adoption of stamp duty valuation for the purpose of deeming full sale consideration in order to calculate capital gain, then a reference would be made to the D.V.O. for determining the fair market value of the capital asset as on the date of transfer. Ld. Counsel for the assessee drew our attention towards page no. 66 of the paper book, where report of District Valuation Officers of the Income Tax Department is available. Taking us through this report, he pointed out that a reference was made by the ITO of the assessee to the DVO on 19.12.2018. This report was submitted to the ld. Assessing Officer by the DVO on 26.04.2019, but by the time the ld. Assessing Officer had already passed the assessment order. However, this report was available to the ld. CIT(Appeals) and he could have taken cognizance of the va....
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....r of the capital asset the following amounts, namely:- (i) expenditure incurred wholly and exclusively in connection with such transfer; (ii) the cost of acquisition of the asset and the cost of any improvement thereto; (iii) in case of specified entity referred to in sub-section (4A) of section 45, the amount included in the total income of such specified entity under sub-section (4A) of section 45 which is attributable to the capital asset being transferred, calculated in the prescribed manner. x x x x x x x "Special provision f or full value of consideration in certain cases:- 50C: Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government (hereafter in this section referred to as the "stamp valuation authority") for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such ....
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....section 45, then................. As far as condition no. 3 is concerned, it is not attracted in the present case. 14. The expression "full value of the consideration" employed in section 48 represent the consideration received by a capital asset-holder on its transfer. This full value of consideration would be deemed equivalent to the amount on which stamp duty was paid for transferring such asset. This provision has been made in section 50C. In other words, Section 50C provides that full value of consideration provided in section 48 would be change d and it would be deemed equivalent to the amount on which stamp duty has been paid by the parties on a transaction of transfer of a capital asset. However, in order to safeguard the interest of the assessee, sub-clause (2) has been provided in section 50C. The basic purpose of this sub-section is that in a given case, stamp duty is being levied on a higher amount, then the actual market price of that asset available. It can be explained by way of simple example, namely an asset is being valued as at Rs.100/- for the purpose of charging of stamp duty, however, in the market, its real value is only Rs.80/-, this stamp duty charged....
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.... 27.11.2012 where the assessee the assessee agreed and enter into agreement for the development of his land f or construction of residential flat with Sri Sun deep Arora and M/s. Grace H ill Construction Co. 2. That subsequently to raise finance and to have the project approved by the Bank f or convenience of the prospective buyer as required by the Bank further executed and Registered the Development Agreement with Sub- Register, Siliguri where in the market value was ad opted a t Rs.2,35,05 ,87 5/- on 28.11.2013 and on the same date the Powe r of Attorney was executed where the mark et value f or the same land was taken at Rs.1 ,56 ,72,522/-. 3. That the Assessing Officer while making the assessment has taken the higher market valuation for enhancing the income of assessee. 4. That the assessee being not satisfied by the market valuation determined by the Registrar of land requested the Assessing Officer to ref er the matter to the valuation cell f or proper valuation of the proper ty. 5. That now the valuation office has finalized the valuation of the property Rs.1,86,94 ,15 4/- as per section 50(c)(2) of the I.T . Act, 1 961. 4. Deci....