TaxTMI 
TaxTMI 
2025 (3) TMI 709
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....2015-16. 2. The present appeal is delayed by 45 days. Along with the appeal, the assessee has filed the application seeking condonation of delay submitting as follows: - "The captioned appeal has been filed with a delay of approximately Five weeks, for which the following reasons are respectfully submitted: 1. The appellant was in the process of seeking new representation, specifically a CA or counsel, to advise on the merits of the case and the appropriate course of action. 2. Due to the ongoing audit season, most Chartered Accountants were occupied, resulting in some delay in briefing the CA on the case details. 3. In light of the above, it is respectfully prayed that the delay of two weeks in filing....
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....ssessee, since the taxable income was below the basic exemption limit for the year under consideration, he did not file the return of income. Subsequently, on the basis of the information received that the assessee has sold immovable property, notice under section 148 of the Act was issued and proceedings under section 147 of the Act were initiated. As per the information received, the assessee, inter alia, during the year under consideration, sold the immovable property for a total consideration of Rs. 54 Lakh. In response to the statutory notices issued during the re-assessment proceedings, the assessee submitted that the immovable property was originally purchased on 23.06.2004 by his brother, Shri Babulal Nihalchand Jain and the name of....
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....y was received in the account of the assessee's brother, however, half of the sale consideration, i.e. Rs. 27 Lakh, legally belonged to the assessee as he had not relinquished his rights on the property. Accordingly, the amount of Rs. 27 Lakh was added to the total income of the assessee as Long-Term Capital Gains under section 45 of the Act. 7. The learned CIT(A), vide impugned order, upheld the addition made by the AO and dismissed the ground raised by the assessee on this issue. The learned CIT(A), however, directed the AO to consider the cost of acquisition and cost of improvement, if any, and allow the deduction accordingly. The relevant findings of the learned CIT(A), vide impugned order, in this regard are reproduced as follows: -....
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....sessee Shri Vinod Nihalchand Jain was not the beneficial owner of the said immovable property. Further, no deduction on account on indexed cost of acquisition and the improvement of the said property as the details of any evidence on the expenditure incurred has not been provided which is incorrect, wherein the details of purchase cost, stamp duty, registration expenses paid (indexed cost of acquisition of Rs. 28,05,909/- in computation sheet of assessee's brother. 4.3.1 I have gone through the grounds of appeal submissions of the appellant and the assessment order. Shri Nihalchand Sukhlalji Jain died without leaving any will or testamentary behind him and leaving the joint owners and confirmation parties as his legal heirs. Du....
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....of both sides and perused the material available on record. In the present case, the impugned addition is made in the hands of the assessee on account of the fact that the assessee along with his brother, sold a property on 19.09.2014 for a total consideration of Rs. 54 Lakh. As per the Revenue, since the assessee was the joint owner of the property along with his brother, therefore, 50% of the total consideration is taxable in his hands as Long-Term Capital Gains. 9. On the other hand, as per the assessee, the immovable property was originally purchased on 23.06.2004 by his brother and out of natural love and affection, the name of the assessee and his father added was added to the property as joint owners. As per the assessee, the prop....
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.... part of the paper book from pages 50-53, was referred in this regard. In order to substantiate the aforesaid submission, the assessee has also placed on record an affidavit executed by his brother on 10.06.2025, which forms part of the paper book from pages 54-56, wherein the assessee's brother has admitted that the entire payment for the purchase of the said property was made by him and his father and brother had not contributed anything towards the purchase of the property, and therefore, they do not have any beneficial interest in the said property. During the hearing, the learned AR submitted that there is no income tax proceeding in the hands of his brother for the year under consideration, and thus, it can be safely assumed that the ....