2025 (4) TMI 1362

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....cates. For the Respondent : Mr Abhishek Maratha, SSC with Mr Apoorv Agarwal and Mr Parth Samwal, Advocates ORDER 1. Issue notice. The learned counsel appearing for the Revenue accepts notice. 2. The petitioner [Assessee] has filed the present petition impugning an assessment order dated 08.03.2025 [impugned order] passed under Section 143(3) read with Section 144B of the Income Tax Act, 1961 [....

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....med that he was entitled to deduction of Rs. 3,67,64,315/- and Rs. 3,37,93,385/- and computed the capital gain chargeable to tax at Rs. 4,94,42,300/-. The petitioner had invested the said amount in a house property [new asset], and therefore, claimed that the capital gains chargeable to tax were NIL. A tabular statement setting out the Assessee's claim is set out below: "3.2 Synopsis of all subm....

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.... bank account statement, relevant sale deeds, copy of valuation report, computation of income and other relevant documents which are carefully perused and taken on record." 4. There is no dispute as to the sale consideration or the cost of land. However, the Assessee could not establish the value of the cost of construction by production of any bills or other documents. It is the Assessee's case ....