TaxTMI 
TaxTMI 
2026 (1) TMI 410
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....or adjudication of the instant appeal are that in the instant case, one land/property was sold jointly by various sellers including Assessee herein vide sale deed dated 26.04.2010 on a total consideration of Rs. 2,19,00,000/- in favour of M/s. Priyanka Home Realties Pvt. Ltd., whereas market value of the property was Rs. 2,79,68,500/- as per Stamp Duty Valuation Authority. Though the Assessee has filed its return of income, however, according to the Assessing Officer (AO) did not disclose this transaction in the ITR and therefore the AO asked the Assessee to explain "as to why the Long Term Capital Gain (LTCG) from sale of land has not been offered to tax". 3. The Assessee in response to the show cause submitted his reply/letter dated 19....
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....f objection raised by the Assessee", by holding that such objection is not acceptable, as the market value of the property as per stamp duty was Rs. 2,79,00,000/- which has been recorded by the AO in its order and therefore the AO did not require to send the matter to DVO. 6. The Assessee being aggrieved has preferred instant appeal challenging the determination/calculating the capital gain to the tune of Rs. 16,97,524/- made by the AO and affirmed by the Ld. Commissioner. This Court observes that though the Assessee along with other coshareholders has sold the property on a consideration of Rs. 2,19,00,000/- as against the valuation of Rs. 2,79,00,000/- as per Stamp Duty Valuation Authority. However, it is a fact that out of considerati....
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....is liable to be allowed, however, subject to verification of the alternative claim lodged by the assessee qua purchase of new flat, as intimated to the AO vide letter dated 19.07.2013. 7. This Court, however in order to cut short the litigation and for substantial justice deem it appropriate to apply the rate of land @ 17.50/- per sq. mtr (psm) for the purpose of FMV, being middle path between the valuation report considered by the AO @ Rs. 10/- psm and value @ Rs. 25/- psm as considered in the Valuation Report filed by the Assessee, as adoption of middle path will sub-serve the purpose of real adjudication and substantial justice and therefore this Court had directed both the parties to file the relevant calculations of Long Term Capita....
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................................................ ................................................................... Note - 5: .......................................................................................................................................... .......................................................................................................................................... ................................................................... Note - 6: F. Y. COST INFLATION INDEX Before 1/4/1981 100 1989-90 172 2010-11 711 While working out capital gain we are considering indexation as of 01.04.1981, as the property under consideratio....