2023 (10) TMI 36

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....peal: "1. That the notice issued U/s 148 and re-assessment proceeding initiated U/s 147 are bad in law, without jurisdiction and barred by time limitation. The NFAC has erred in upholding the same. 2. That the NFAC has erred in dismissing the appeal in exparty manner and also erred in upholding the reassessment order passed U/s 147/14A~by the assessing 1 officer, which is illegal, bad in law and without ] jurisdiction 3. That, the NFAC has erred in not passing appellant order on the deceased person, which is illegal, bad in law and without jurisdiction 4. 3. That, the NFAC has erred in not deciding all the Ground of appeal raised and just decided the appeal of merits, which is illegal, bad in law and unju....

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.... well as NFAC has erred in taking the fair market value as per section 50C of the 10) ACT, without appreciating, that, the actual market value not morethan at Rs. 50,66,667.00, hence, the provision of section 50C is not applicable to the ease of assessee 11. That, the assessing officer as well as NFAC has erred in disallowing, the deduction of section 54F at Rs. 10,00,000.00 without appreciating the fact, that, the 11) assessee has constructed residential house. The disallowance of deduction U/s 54F is purely based on surmises and conjecture without appreciating the facts and circumstances of the case 12. That, the assessing officer as well as NFAC has erred in 12) not allowing the Development Expenses of j Rs. 25,68,399.0....

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....behalf of the assessee in respect of statutory notices. Therefore, the AO framed the assessment u/s 144 read with Section 147 of the Act, making addition of Rs. 35,72,539/- on account of long term capital gain. Aggrieved against this the assessee preferred appeal before the learned CIT(A). Before the learned CIT(A) also there was no representation on behalf of the assessee, therefore, the appeal of the assessee was dismissed. Now the assessee is in appeal before this Tribunal. 3. The present appeal is being prosecuted on behalf of the legal heir of Shri Ashok Kumar Jain. 4. Ground nos. 1 to 7 are against the legality of assessment order. Learned counsel of the assessee at the outset submitted that the initiation of proceedings in the ....