TaxTMI 
TaxTMI 
2023 (1) TMI 1079
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....als) erred in law and on facts in confirming action of the AO in treating the sale of land as Short Term Capital Gain by considering purchase deed dated 14.09.2009 & not considering notarized Banakhat dated 19.12.2007 for calculating period of holding of the asset(land), though actual possessing of land was obtained by the Appellant from the date of the Banakhat i.e. 19.12.2007 and payment have been made thereafter. 2. The ld.CIT(appeals) erred in law and on facts in confirming action of AO in non granting of deduction U/s. 54F of Rs. 41,50,000/- by considering Long Term Capital Gain as Short Term Capital Gain even though the appellant has submitted possession letter towards purchase of new house. Your Appellant most humbly reserves the....
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....d Banakhat is not a valid document to transfer the property, secondly even in the sale deed there is no mention of any Banakhat and thirdly the assessee has not mentioned about it unless and until, the same was pointed out by the AO. As per the AO, it was a frivolous and after thought attempt by the assessee to misguide the authority. So the AO has disregarded the contention of the assessee and added the sum of 41,11,645.00to the total income of the assessee. 5. Aggrieved assessee preferred an appeal before the Ld. CIT(A). 6. The Ld. CIT(A) has confirmed the decision of the AO by observing that the assessee has held the land for less than 36 months. The period of holding has to be calculated since the time the property has been physically....
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....the Income-Tax (Appellate Tribunal) Rules, 1963, (hereinafter referred as "ITAT Rules") which read as under: " Where, on the day fixed for hearing or on any other date to which the hearing may be adjourned, the appellant does not appear in person or through an authorised representative when the appeal is called on for hearing, the Tribunal may dispose of the appeal on merits after hearing the respondent :" 9. Therefore, in the given circumstances and considering the nature of dispute, I decided to proceed to dispose off the appeal ex-parte qua the assessee with the assistance of the learned Departmental Representative. 10. The Ld. DR before me vehemently relied upon the order of the authorities below. 10.1 I have heard the Ld. DR and p....