2024 (7) TMI 897

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....enged the addition of long term capital gain of Rs. 33,73,120/-. 3. Briefly the facts are, the assessee is a non-resident individual. For the assessment year under dispute, the assessee had filed his return of income on 08.12.2020 declaring income of Rs. 32,27,218/- and claiming refund of Rs. 24,99,640/-. In the year under consideration, the assessee sold two immovable properties, one being a residential property, bearing unit no. MGE TW-19/16/25a, Fairway West, M3M Golf Estate, Sector-65, Gurgaon, Haryana, for a total sale consideration of Rs. 3,05,00,000/-. Whereas, the second property sold by the assessee was a commercial property bearing Shop No. G-35, Ground Floor at Baani Square, Mayfield Garden, Sector-50, Adampur, Gurgaon for a t....

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....efore learned DRP. While disposing of the objections of the assessee on the issue, learned DRP directed the Assessing Officer to pass a speaking order after taking into account the submissions made by the assessee before him. However, in the final assessment order, the Assessing Officer again made the addition of Rs. 33,73,120/-, being long term capital gain from sale of commercial property. 5. Before us, learned counsel appearing for the assessee submitted that the commercial property was originally owned by Mr. Rajan Chanana, who had entered into an agreement with the developer of the property, namely, M/s. Baani Technology Services (P) Ltd. for purchasing the property for a total consideration of Rs. 21,65,280/-. He submitted, subsequ....

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....stamp duty of Rs. 3,41,040/- based on the conveyance deed dated 13.03.2019 executed between M/s. Baani Technology Services (P) Ltd. and the assessee. However, the agreement to sale between the assessee and Mr. Rajan Chanana and the letter issued by Mr. Rajan Chanana to M/s. Baani Technology Services (P) Ltd. nominating assessee in his place, the undertaking of the assessee to M/s. Baani Technology Services (P) Ltd. clearly reveal that the assessee had paid an amount of Rs. 45 lakhs towards sale consideration of the property to Mr. Rajan Chanana, who was allotted the property by the developer, M/s. Baani Technology Services (P) Ltd. It is further evident, Mr. Rajan Chanana was given allotment of the property by the developer on payment of sa....

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....ation of Rs. 3,05,00,000/-. Whereas, he had purchased the property for a consideration of Rs. 3,81,02,159/-. Therefore, after adjusting the indexed cost of acquisition, the assessee had claimed long term capital loss. In respect of commercial property as well, the assessee had claimed long term capital loss of Rs. 9,86,598/-. However, while completing the assessment, the Assessing Officer did not allow set off and carry forward of long term capital loss. 12. Before learned DRP, the assessee raised objections on the issue. While disposing of assessee's objections, learned DRP directed the Assessing Officer to allow set off of long term capital loss as per law by passing a speaking order. However, while passing the final assessment order, ....