TaxTMI 
TaxTMI 
2023 (9) TMI 1037
X X X X Extracts X X X X
X X X X Extracts X X X X
....king an addition of Rs. 28892596/- to the income of the assessee as long term capital gains without proper application of mind and Ld.CIT(A) erred in law and on facts in confirming the said addition in the facts and circumstances of the case. 2. That the Ld. AO erred in law and on facts in passing an invalid, arbitrary and unreasonable assessment order making an addition of Rs 28892596/- to the income of the assessee and Ld. CIT(A) erred in law and on facts in upholding the assessment made by Ld. AO in the facts and circumstances of the case. 3. That the Ld. AO erred in law and on facts in making and Ld. CIT(A) in confirming the addition of Rs. 28892596/- as LTCG by adopting miniscule market value as on 01.04.1981 of land ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the assessee for entitlement to deduction u/s 54B of the Income Tax Act in the alternative. 8. The appellant craves leave to amend or alter all or any of the aforesaid grounds of appeal and amend, alter or add any other ground of appeal." 3. None appeared for the assessee. The Power of Attorney has been filed on behalf of the assessee but even the representative of the assessee has not appeared though the assessee has been served with notice issued by the Registry, therefore, we are constrained to hear the Ld. Departmental Representative, verify the materials available on record and decide the matter. 4. Brief facts of the case as per the assessment order are as under:- "As per the documents submitted, it was notice....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ease show cause as to why the..............as income from capital gain". The assessee did not furnish any information w.r.t. the cost of acquisition/cost price to her of the land at Village Daulatpur, New Delhi. As per the order of the Hon'ble Supreme Court in the case of Premwati v. Union of India & Ors. in Civil Appeal No. 949 of 2005 and in the case of Rajinder Singh (D) by Lrs. v. Delhi College of Engineering in Civil Appeal No. 2443 of 2005, the value of land in the Village Shahibababd, Daulatpur was fixed at Rs. 50,000/- per bigha. Thus, the fair market value of the land in question is taken as Rs. 50,000/- per bigha for computation of Long Term Capital Gain in the hands of assessee by the undersigned. In view of....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... 50,000/- per bigha based on the decision of the Hon'ble Supreme Court in the case of Premwati v. Unioun of India & Ors. In Civil Appeal No. 949 of 2005 and in the case of Rajinder Singh (D) by Lrs. v. Delhi College of Engineering in Civil Appeal No. 2443 of 2005. The appellant has contended that the value of the land sold by her could not be compared with the value adopted by the Hon'ble Supreme Court in the case referred above and in this regard had contended that the land sold by her was better located and was not agriculture land. It was in this background that vide letter dated 17.10.2018 the appellant was asked to furnish the details so as to verify the genuineness of the contentions of the appellant. As pointed out above ins....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ve heard the Ld. Departmental Representative and perused the material available on record. The assessee sold immovable property for a consideration of Rs. 3,04,30,208/- during the year under consideration. The capital gains arising from the said transaction were undisputedly taxable, the A.O. has taken fair market value as on 01/04/1981 at Rs. 50,000/- per bigha based on the Judgments of the Hon'ble Supreme Court of India in the case of Premawati Vs. Union of India and Ors. in Civil Appeal No. 949/2005 and also in the case of Rajender Singh (D) by LRs Vs. Delhi College of Engineering in Civil Appeal No. 2443/2005. 8. It was the case of the assessee that the land sold by her could not be compared with the value adopted by the Hon'....