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2021 (6) TMI 1157
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....he Revenue : Shri Deepak Garg. ORDER PER S. S. VISWANETHRA RAVI, JM: This appeal by the assessee is against the order dated 01.11.2018 passed by the learned Principal Commissioner of Income-Tax - 1, Nashik for the assessment year 2014-15. 2. We find no representation on behalf of the assessee nor any application filed seeking adjournment. The assessee called absent and set ex-parte. Th....
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.... that the assessee sold his 30% share admeasuring 3,310 sq.mtrs only for a consideration of Rs. 2.06 crores but claimed purchase cost of Rs. 1.40 crores of three plots and claimed capital loss of Rs. 32,09,309/-. According to the learned Principal Commissioner of Income-Tax, such loss is not allowable for the reason that the assessee has shown the cost of acquisition on entire three plots wrongly ....
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.... Assessing Officer, which is on record, determined the same amount as returned by the assessee wherein we note that no discussion or whatsoever made with regard to the purchase of plot, selling of the said plot and cost of acquisition etc., Taking into consideration the facts and circumstances of the case and the reasons recorded by the learned Principal learned Commissioner of Income-Tax in the i....