2024 (8) TMI 1012

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....under section 144 read with section 144B of the Income Tax Act, 1961 and Disallowed Deduction u/s 48 of the Income Tax Act. 2. The learned officer has erred in making addition of Indexed Cost of acquisition of House Property sold in total income of the assessee. 3. The learned officer has erred in not giving sufficient time to prove the genuineness of transactions. 4. The learned officer has erred in initiating penalty proceedings u/s. 270 A of Income tax act, 1961." 2. The assessee is an individual and filed the return of income for AY 2018-19 on 28.08.2019 declaring a total income of Rs. 43,24,820/- which included a Long Term Capital Gain (LTCG) of Rs. 40,95,796/-. The case was selected for scrutiny and the s....

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....ased said House property for Rs. 13,00,000 in the F.Y.2004-05. The Assessee has offered such Sales Consideration Under the Head of Income From Capital Gains and Claim Deduction U/s 48 of Income Tax Act (i.e. Indexed Cost of Acquisition of House Property Purchase in F. Y. 2004-05). Calculation of Income From capital gains is As Follows. Particulars Amount Amount Sales Consideration Resi. House Property   72,25,000 Less: Indexed Cost of Acquisition (Rs. 13,00,000*271/113) 13,00,000 (Year of purchase 2004-05) 31,29,204   Long Term Capital Gain 40,95,796 Since Assessee has offered correct Income under the head of Income From Capital Gains as calculated above. There is no violation ....

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....The ld. AR further submitted that before the CIT(A), the assessee has submitted all the relevant documents in support of the cost of acquisition and that the CIT(A) has denied the claim of the assessee without admitting the additional evidences. The ld. AR also submitted that the assessee's reasons for not appearing before the AO were bonafide and that the CIT(A) ought to have admitted the additional evidence for adjudicating the issue of merits. The ld. AR submitted the relevant documents in the form of a Paper Book which were submitted as additional evidence before the CIT(A). The ld. AR with regard to the cost of acquisition submitted that the assessee has acquired the property for Rs. 13,00,000/- during the FY 2004-05 and has claime....

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.... the perusal of the Paper Book submitted before us, we noticed that the assessee has submitted before the CIT(A) an affidavit from the seller of the property to the assessee, copy of receipt acknowledging the consideration received from the assessee by the seller, copy of society transfer documents in favour of the assessee, copy of letter of transfer of tenement issued by MHADA in favour of the assessee, and the share certificate issued by the Society in favour of the assessee. The assessee has submitted these documents before the CIT(A) in order to substantiate the claim of the indexed cost of acquisition. However, the CIT(A) has denied admitting the additional evidence stating that the same should have submitted before the AO. Considerin....