TaxTMI 
TaxTMI 
2025 (8) TMI 582
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.... 2. At the outset, I find the appeal is time barred by 76 days before the Tribunal. The assessee has filed an affidavit stating that he is unaware of the procedures of law and it took some time to consult legal consultant in the matter This is the precise reason which led to delay in filing the appeal. 3. Having gone through the averments made in the affidavit and in the absence of anything contrary to disbelieve the assessee's version made therein, I am of the opinion that there was 'reasonable cause' which prevented the assessee in filing the appeal before the Tribunal within the stipulated time. I therefore in the larger interest of justice condone the delay of 76 days and proceed for adjudication of appeal. 4. Assessee has raised ....
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....ssee has not filed regular return of income under the provisions of section 139(1) of the Act. Based on the information that the assessee along with other 7 co-owners entered into a Development Agreement with M/s. Shri Nath Builders Promoters P. Ltd. and the consideration receivable was in the form of Residential saleable Built-up area of 1189.59 sq.mtrs having value of Rs. 2,31,95,500/-, out of which the share of the assessee comes to Rs. 46,03,414/- and the fact that the assessee has not filed the return of income, it was opined by the AO that income escaped assessment to tax. The case was reopened by issuance of notice u/s.148 of the Act. Pursuant to notice u/s.148, the assessee filed the return of income furnished on 25.04.2018 declarin....
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....ital gains tax u/s. 2(47) read with section 45 of the Act". 7. Dissatisfied assessee preferred appeal before the ld.NFAC who vide impugned dismissed the appeal on the ground that the assessee has not complied with notice u/s.142(1) by submitting the valuation report as called for by the AO by observing as under : "2. Ground no.1 objects to computation of long term capital gain out of sale of immovable property. The assessee was asked to submit the valuation report but the assessee failed to comply with the notice u/s 142(1). It is accepted fact that the land which was transferred is a capital asset. In the absence of supporting evidence, the cost of acquisition is worked out on the basis of circular issued by Inspector general o....
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....val contentions and perused the record placed before me. The issue for my consideration is whether the ld.NFAC was justified in confirming the action of the AO making addition on account of long term capital gain amounting to Rs. 42,68,533/- in the hands of assessee for the alleged transfer of property u/s.2(47) of the Act r.w.s.45 & 53A of the Income-tax Act, 1961. 12. I observe that the assessee is stated to be the owner of the land along with 7 other co-owners. The assessee and the co-owners have entered into a Development Agreement with M/s. Shri Nath Builders Promoters Pvt. Ltd. on 02.03.2013. Some dispute arose between the Developer and the assesse & co- owners. Thereafter, the assessee before the expiry of 2 years and 6 months whi....
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....has not been given to the Developer since the assessee and co-owners as on date still enjoys possession of the immovable property. Certain documents have been placed before me as proof of the possession of the immovable property by the assessee and co-owners which were not placed before the lower authorities. Under these given circumstances and since the assessee is claiming that ownership of the property in question not been transferred and possession has not been given to the Developer, I deem it appropriate to restore the matter to the file of Jurisdictional Assessing Officer who shall depute an inspector to cause necessary verification or in the alternate ask ITO, Satara where the land in question is situated and get a remand report the....