2023 (11) TMI 131

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....ment Year 2016-17 and with prayers for consequential reliefs. The undisputed facts are that the petitioner along with his father and brother are members of Hindu Undivided Family, and as joint owners of the land measuring 3 acres 1 gunta in R. Narayanapura village, K R Hobli, Bengaluru, they have entered into a registered Joint Development Agreement with M/s Midtown Structures on 27.06.2013 with a contemporaneous supplementary deed. 2. It is also undisputed that the petitioner thereafter has entered into partition deeds in the month of March 2014 and 2016. The Occupancy Certificate for building constructed in performance of the terms of the Joint Development Agreement is issued on 24.06.2015 by the competent authority. The petitioner as ....

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.... to opine that the income has escaped tax in the Assessment Year 2016-17 is because the petitioner, who has filed Returns for offering capital gain in the Assessment Years 2017-18 and 2018-19, has claimed expenditure as incurred during the Assessment Year 2016-17 towards the cost of construction and deposits to statutory authorities but without filing Income-tax Returns for such Assessment Year. The first respondent has proceeded on the footing that the petitioner has receipts in the Assessment Year 2016-17 which is applied towards incurring certain expenditure but has not declared the same by filing ITR, and therefore, there is escapement of tax. However, this may not be justified if the petitioner's case as seen in the reply filed as per ....

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....t is apparent that the official (IC&I) wrongly interpreted that low claim made by the assessee while filing the original return was the basis and assumed that there is a escapement of income. Computation of capital gain: Asst Year 2018-19   . Rs. Sale consideration - residential flat sold (02.07.2017) 6000000 Less: Commission or brokerage and incidental expenses 0 Net sale consideration 6000000 Cost of the acquisition:   Cost of improvement i.e. Interiors cost NIL Cost of undivided share of land with respect to:   - Landlord share UDS 933@ Rs. 3307.32 indexed - 3305785 AND   - UDS loss to builder 1049 @ Rs. 3307.32 3469379 OR   Cost of constr....