TaxTMI 
TaxTMI 
TaxTMI 
2025 (7) TMI 756
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....me-tax Act, 1961 (for short 'the Act') for AY 2012-13 by issue of notice under section 148 of the Act, after recording the reasons and prior approval of the Pr.CIT, Gurgaon, notice was duly served on the assessee. In response to the above notice, assessee filed his return of income declaring an income of Rs. 5,87,660/- on 26.04.2019. Accordingly, notices u/s 143(2) and 142(1) along with questionnaire were issued and served on the assessee. During assessment proceedings, the AO observed that based on the information available with him, the assessee along with his other relatives have sold their land for consideration of Rs. 8,75,40,000/- to S.A. Infra Developers Pvt. Ltd.. Out of the above sale consideration, assessee had share of Rs. 2,91,8....
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....and filed detailed submissions. After considering the submissions of the assessee, ld. CIT (A) dismissed the appeal filed by the assessee and sustained the addition made by the AO. 4. Aggrieved assessee is in appeal before us raising following grounds of appeal:- "1. The order of learned AO/CIT (A) is unjust and arbitrary. Assessee is a very simple villager. Assessee sold an agriculture land for Rs. 43469990/-. Copy of sate deed of agriculture land is already submitted before Ld. A.O. No capital gain is attracted on sale of this agriculture land as land is situated more than 8 k.m. from the last municipal limit of Gurgaon according to notification no.9447 dt. 06.01.1994. 1.(a) Rs. 43339960/- This amount has wrongly been added by the le....
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....ee purchased agriculture land during the year which is allowable under section 54B of Income Tax Act, 1961. This amount of investment made in purchase of agriculture land is allowable which needs to be allowed. Assessee invested in residential house during the year. Assessee purchased plot and invested in construction of residential house during the year same is allowable under section 54 of Income tax act, 1961. It is prayed that this amount of investment of agriculture land and investment made in residential house may be allowed. 3. The learned AO has wrongly been issued penalty notice u/s 271(1)(c). The Ld AO has not recorded his satisfaction in issuance of penalty notices to the assessee. The Ld AO issued penalty notice to assessee wi....
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....y of income-tax u/s 2(14) of the Act. In the case of Shri Jitender Saini, the same certificate was accepted by the AO while processing the reassessment proceedings in his case. He brought to our notice assessment order passed in the case of Shri Jitender Saini dated 13.12.2019 passed u/s 143(3) r.w.s. 147 of the Act, the relevant assessment order was placed on record wherein the returned income filed by him was accepted. Ld. AR submitted that the similar certificate of distance produced by the assessee was rejected by the AO. He submitted certificate of distance produced in the case of Surender Saini dated 22.07.2017 and certificate of distance issued by Tehsildar/ Halka Patwari, Gurgaon on 10.10.2019 of the said agriculture land. He furthe....
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....w Delhi VIs Income Tax Officer, Ward-3(1), New Delhi decided on 10/03/2015 ITAT Delhi Bench "A", New Delhi. He therefore, prayed that considering the above submission the order of the A.O. as well as order of Ld CIT(A) be set aside and appeal of assessee may be allowed. 6. On the other hand, ld. DR of the Revenue relied on the findings of the lower authorities. 7. Considered the rival submissions and material placed on record. We observe that assessee has sold an agricultural land along with other co-owners of the property, namely, Surender Saini and Jitender Saini, s/o late Shri Kanwal Singh Saini. The case of Shri Jitender Saini and assessee's case were selected for reassessment proceedings by issue of notice u/s 148 and both the asses....