TaxTMI 
TaxTMI 
2025 (6) TMI 306
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.... Capital Gain/Income on sale of property 2.2 That the assessee is an individual and had e filed her original return of income in ITR3 for Assessment Year 2018-19 on 31.08.2018 declaring the total income of Rs. 8,46,690/- after claiming the deduction of Rs. 10,000/- under Chapter VI-A. That later on the assessee revised the return on 08.09.2019 by reducing the total income to Rs. 6,74,520/- after claiming deduction of Rs. 1,82,066/- under Chapter VI-A. 2.3 That the case was selected for complete scrutiny. Since the assessee had filed her return of Income for AY-2018-19, a notice us 143(2) of the I.T Act was issued to the assessee on 22.09.2019 for conducting the assessment proceedings. The assessee did not submit any letter in response to notice u/s 143(2). Accordingly a notice u/s 142(1) of the I.T. Act was issued to the assessee on 18.12.2000 requiring to furnish or cause to be furnished certain documents/details specified therein. The assessee did not make any response to the said notice. Therefore another letter was issued to assessee on 06.01.2021 requesting to submit the details called for in the notice dated 18.12.2020. The assessee vide letter dated 24.01.2021 elect....
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....eply of the assessee is perused. On examination of the documents it is noticed that the assessee is having trading business under the name and style-M/s Jagdish Trading company. She has declared profit u/s 44AD @35.37% of profit i.e. 6,42,021/-. But the assessee has not submitted the relevant books of account such as balance sheet, profit and loss account or capital account for verification. Further Income from house property to the tune of Rs. 2,52,000/- has been declared due to let out of two houses. The assessee has claimed a total deduction of Rs. 1,82,066/- due to 80C of Rs. 1,50,000/- and 80D of Rs. 22,066/- and 80TTA of Rs. 10,000/-. Against this claim of deduction the assessee has provided documentary evidence in support for 80C. The claim of 80D could not be verified. Further it is noticed that as per specific information available, the assessee has also made transaction with respect to Non-agricultural land having transaction amount of Rs. 73,68,000/- which was effected on 08.01.2018. In view of the same, another letter was issued to assessee on 05.02.2021 for further clarification and submissions of details. 2.6 That the assessee vide letter dated 06.02.2021 submitted....
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....essee giving an opportunity as to why the long term capital gain should not be taxable as the assessee had not declared the Long term capital gain arising due to the sale of two lands to two people for a sale consideration of Rs. 36,84,000/- for each property aggregating to Rs. 72,68,000/- and for the fact that no agricultural details are provided by the assessee and also no agricultural income is shown in the ROI filed by assessee in the earlier period prior to sale of the land. The assessee was requested to submit the reply either accepting the proposed modification or file written reply objecting to the proposed modification on or before 18.03.2021. The assessee did not submit any response to the showcause notice till the date of passing of order. In view of the above circumstances it is presumed that the assessee has no objection and therefore the case is decided on the merits and above findings. 2.9 The above lands sold by the assessee is Non-Agriculture land. However, the assessee in the reply submitted on 20.01.2021 had held that the said lands were agricultural land and further it was situated at village Bharbhadia and it is more than 6kms away from local limits of munic....
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....of loss of set off of House property requires to be reworked as under: Income from House property for AY-2018-19..... Rs.2,52,000/- Less: Loss from house property set off carried from AY-2013-14 ..... Rs. 0.93.700/- Total House property income. Rs. 1.58.300/- 2.11 That the Ld. A.O basis above computed total income of the assessee as follows: Income from House property Rs. 1,58,300/- Business income.... Rs. 6,42,021/- Income from other sources... Rs. 56.265/- Rs. 8,56,586/ Add: Long term capital gain as per para 6 above Rs. 21.68.388/- GROSS TOTAL ASSESSED INCOME Rs. 30,24,974/- Long term capital gain of Rs. 21,68,388/- to be taxed separately 2.12 That the aforesaid assessment order of Ld. A.O bears No. ITBA/AST/S/143(3)/2020-21/1031627237(1) and is dated 20.03.2021 which is hereinafter referred to as the "impugned assessment order". 2.13 That the assessee being aggrieved by the aforesaid "impugned assessment order" prefers first appeal before Ld. CIT(A) who by "impugned order" has dismissed the 1st appeal of the assessee on reasons stated....
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....may please be condoned. Affidavit in support was relied upon. Per contra Ld. DR has no objection if delay is condoned. We after hearing both Ld. AR and Ld. DR and so also after perusing the application and affidavit are of the considered view that sufficient cause is shown for condonation of delay. Hence delay is condoned. Appeal is admitted and taken up for further hearing. The Ld. AR for the assessee then took us through the "impugned order" and contended that same is bad in law, illegal and not proper. It is passed in violation of the principles of natural justice. The "impugned order" should therefore be set aside, as no notice(s) of hearing ever came to her knowledge and an exparte order came to be passed by Ld. CIT(A). The Ld. AR for assessee canvassed same argument about non communication about notice(s) of hearing which he had canvassed for the condonation of delay I.e. no cordial relationship with youngest son whose e-mail Id and mobile number was on portal. The Ld. AR also stated that the "impugned order" is not on merits despite the fact that law is clear on it. Per contra Ld. DR for revenue has not disputed the contentions canvassed by Ld. AR and has no objection if cas....