2024 (7) TMI 93

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....by AO and confirmed by NFAC is bad in law and required to be quashed. 2. Ld. NFAC erred in law and on facts in passing non-speaking order ignoring fact that it is high pitched assessment and required discussion on merits. 3. Ld. NFAC erred in law and on facts in confirming reopening of assessment u/s. 148 of the Act ignoring fact that there is full and true disclosure of all material facts and AO failed to observe escapement of income. 4. The reopening of assessment is required to be quashed as it is beyond period of four years from end of the relevant assessment year and there is no failure on part of appellant to disclose true and full details of the transaction. 5. Ld. NFAC erred in law and on facts in....

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.... Section 142(1) of the Act read with Section 129 of the Act was issued on 12.09.2019 and 10.10.2019 along with questionnaire. The assessee furnished the details and submitted the submissions before the Assessing Officer. After taking cognisance of the same, the Assessing Officer observed that the assessee has not purchased any residential property against the capital gain arisen on account of sale of property and, in light of Hon'ble Supreme Court decision in case of Suraj Lamp & Industries Pvt. Ltd., disallowed the claim of deduction of Rs. 29,19,742/- under Section 54 of the Act and added back the same to Long Term Capital Gain. 4. Being aggrieved by the Assessment Order, the assessee filed appeal before the CIT(A). The CIT(A) dismisse....

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....sessee regarding sale of immovable property but the assessee has not paid stamp duty on the sale of property and only made agreement to sell. The decision of Hon'ble Supreme Court in the case of Suraj Lamp & Industries Pvt. Ltd. (supra) held that deed of conveyance must be duly stamped and registered as per law. Thus, the Ld. DR relied upon the AO and the order of the CIT(A). 7. We have heard both the parties and perused all the relevant material available on record. It is pertinent to note that the assessee has shown consideration in his return of income at Item No.3 under Column (B) Long Term Capital Gain in the schedule Capital Gain in the said return of income. Thus, the capital gain reflected was at Rs. 29,19,742/-. The assessee has....