2024 (6) TMI 875

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....icer u/s 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). For the sake of convenience, both the appeals were heard together and are being disposed off by this common order. ITA No.160/PUN/2024 2. Facts of the case, in brief, are that the assessee is an individual and has not filed his return of income. It was gathered that the assessee along with others has sold an immovable property at Rs. 1,30,00,000/- on 12.01.2011 but the capital gain on sale of such property was not offered to tax. The Assessing Officer, therefore, after recording reasons and after obtaining the prior approval of the competent authority re-opened the case u/s 147 of the Act. Notice u/s 148 of the Act was accordingly issued and served ....

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....yment of Rs. 20,00,000/- to the consenting party is concerned, he rejected the same on the ground that there is no provision in the I.T. Act, 1961 for allowing such expenses out of the sale consideration. 5. Aggrieved with such order of CIT(A) / NFAC, the assessee is in appeal before the Tribunal by raising the following grounds: 1. The Ld. AO and Ld CIT(A) ought to have considered my share of Rs. 43,33,333/- in total sale consideration instead of Rs. 65,00,000/- as taxed by him. 2. The Ld. AO and Ld CIT(A) erred in ignoring the fact that my share in total consideration was only 33.333% only. 3. The Ld. CIT(A) erred in directing the Ld AO to consider the cost of acquisition at Rs. 7,50,000 whereas the assessee'....

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....rders of Assessing Officer and Ld. CIT(A) / NFAC. 8. We have heard the rival arguments made by both the sides, perused the orders of the Assessing Officer and Ld. CIT(A) / NFAC and the paper book filed on behalf of the assessee. We have also considered the various decisions cited before us. We find the Assessing Officer in the instant case determined the long term capital gain in the hands of assessee at Rs. 65,00,000/- being 50% of the sale consideration for sale of immovable property at Rs. 1,30,00,000/-. We find although the CIT(A) / NFAC accepted that the share of the assessee is 1/3rd, however, he upheld the action of the Assessing Officer in treating the share of the assessee at Rs. 65,00,000/-. Further, he did not allow the amount....