2025 (8) TMI 1601

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....4 r.w.s144B of the Act. 2. Registry has informed that appeal before this Tribunal is time barred by limitation by 269 days. Assessee has filed an affidavit along with application for condonation of delay. After hearing both the sides and perusal of the averments made in the affidavit by the assessee, we find that assessee has filed application u/s. 154 of the Act for rectification of mistake apparently appearing in the impugned order and while awaiting the positive response from ld. CIT(A), delay in filing of the instant appeal has occurred. We find that assessee was prevented from filing the appeal within the stipulated time limit for 'reasonable cause'. We therefore condone the delay of 269 days in filing the appeal and admit the appea....

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.... and he accordingly assessed the income at Rs. 1,15,46,239/-. Aggrieved assessee preferred appeal before ld.CIT(A) and filed all the relevant details. Ld. CIT(A) after considering the documents and details has partly allowed the assessee's appeal observing as follows : "6.9 The section is categorical that where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government (hereafter in this section referred to as the "stamp valuation authority" for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall, ....

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....amp duty valuation, the remaining amount comes to Rs. 65,84,280/- (Rs.1,07,29,000/- - Rs. 41,44,720/-). Thereafter, ld.CIT(A) also gives the benefit of section 54 of the Act for the investment in another residential house which in this case is of new flat purchased at Rs. 75,04,825/-. Since the cost of new flat is more than the net capital gain of Rs. 65,84,280/-, resulting Nil capital gain but ld.CIT(A) has inadvertently forgot to give the benefit of indexation on cost of acquisition and directly reduced the cost of new flat of Rs. 75,04,825/- against the stamp duty valuation of sale of new flat at Rs. 1,07,29,000/- and has confirmed the addition of Rs. 32,34,172/-. 7. In view of the above discussion, we find that ld.CIT(A) made an appa....