2025 (8) TMI 1433

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...., JM: This appeal is preferred by the assessee against the order dated 05.02.2025 of the Commissioner of Income-tax (Appeals), NFAC, Delhi (hereinafter referred to as the ld. First Appellate Authority or 'the Ld. FAA' for short) in Appeal No.NFAC/2012-13/10070880 arising out of the appeal before it against the order dated 15.09.2021 passed u/s 147 r.w.s. 144 r.w.s. 144B of the Income Tax Act, 196....

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....me Tax Act, 1961 on account of transaction of transfer of immovable property for consideration of Rs. 1,40,00,000/-. Due to COVID - 19 pandemic and bad health the assessee could not comply with the notices issued under section 142(1) of the Act. Final show cause notice dated 07.09.2021 was issued to the assessee proposing to make an addition of Rs. 1,40,00,000/- on account of capital gain being sa....

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....essment was framed ex parte by the National Faceless Assessment Centre vide order dated 15.09.2021 and ld. ClT(Appeals) sustained the addition of Rs. 1,40,00,0000/- holding that: "5.1.2...... the claim of the assessee that the said transfer was effected without any receipt of sale consideration is also found to be incorrect as it has been clearly mentioned in the sale deed that entire sale consi....

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....settlement on 30.10.2018 copy of which is pages PB 45 to 50. The consideration amount of Rs. 1,40,00,000/- was mentioned in the conveyance deed for the purpose of payment of stamp duty only and to facilitate the transfer of property in revenue records. In reality no money had exchanged hands for transfer of the property resulting into earning of capital gain. The copies of bank accounts submitted ....