AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2025 (11) TMI 809
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.... of the assessee was fixed hearing on 01.04.2025, 06.05.2025, 25.06.2025 and 24.07.2025 there was no representation. I therefore proceed to adjudicate the appeal exparte qua assessee with the assistance of ld. Departmental Representative and available records. 3. Assessee has raised following grounds of appeal : "The following grounds are taken without prejudice to each other- On facts and circumstances and in law, 1. The Order under section 250 of the Income Tax Act, 1961 bearing order no. ITBA/APL/S/250/2024-25/1071733475(1) dated 31/12/2024 passed by the Commissioner of Income Tax, Appeal CIT(A), NFAC and order under section 143(3) read with section 147 of the Income Tax Act. 1961 dated 28/12/2011 passed by the learn....
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....s.161.40 per square metre without considering valid evidence from the appellant and that available on record 8. The order passed by the lower authorities is bad in law and liable to be set aside. 9. The Assessee hereby requests for allowing any other relief as available under the law. 10. The Assessee prays before your honor to afford and allow the Assessee an opportunity of being heard on merits of the case. 11. The appellant craves leave to add, alter, delete, or amend any of the above grounds of appeal." 4. Brief facts of the case are that the assessee is an individual and after issuance of notice u/s.148 of the Act on 14.03.2011 assessment proceedings were initiated. The reasons for reopening was t....
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....,98,800/- and the same being higher than the sale consideration adopted by ld. AO, confirmed the finding of the ld. AO. Aggrieved assessee is now in appeal before this Tribunal. 6. Ld. Departmental Representative vehemently argued supporting the order of ld.CIT(A). 7. I have heard the ld. DR and perused the record placed before me. The grievance of the assessee is multifold raising the legal issues as well as merits of the case about the computation of long term capital gain from the sale of 1/4th share of land located at Sadesatranali, Hadapsar. I observe that ld.CIT(A) has affirmed the order of ld.AO observing as follows : "5. DECISION:- 5.1 I have carefully gone through the assessment order u/s 143(3) read with se....
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....ns by considering the value assessed by stamp duty valuation authority as the deemed sale consideration u/s 50C of the Act with the rider' subject to findings/conclusion of the DVO'. 5.4 During the appellate proceedings, the assessing officer was asked to intimate whether the valuation report from DVO was received or not. The assessing officer furnished his report, the relevant portion of which is produced as under:- "03. In this case, the long term capital gain of the assessee was worked out by adopting the sale consideration as per Section 50C of the I.T. Act which is at Rs. 1,14,84,140/- as against Rs. 66,42,000/- adopted by the assessee. 04. The assessee's main contention before the CIT(A) is that ....
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....ground of appeal is therefore dismissed. 5.5 Ground number 3 is against taking the cost of acquisition as on 01.04.1981 at Rs. 161.40 per square metre. Appellant claimed that the same should have been taken at a much lower figure. The facts involved on this issue is that since the property was acquired by the appellant prior to 01.04.1981, its value as on 01.04.1981 was required to be considered as the cost of acquisition for calculating the indexed cost of acquisition as on the date of transfer. Since no material on this issue was provided by the appellant, the assessing officer observed that regular assessment in the cases of a number of other individuals, who had sold plots of land of similar nature and in the same locality were....