2026 (1) TMI 742

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.... out of the order of the National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as 'ld. NFAC', in short] dated 30.07.2025 against the order of assessment passed u/s 144 r.w.s. 147 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 27.11.2017 by the Assessing Officer, ITO, Ward-2(1)(5), Agra (hereinafter referred to as 'ld. AO'). 2. The only issue to be deci....

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.... would be no capital gain that would arise on sale of the above land as it is outside the definition of capital asset under section 2(14) of the Act. The Learned AO however did not agree to the assessee's submissions and computed the long term capital gain at Rs 4,79,993/- as assessee's share is 1/11th on account of sale of above land after substituting the sale consideration at Rs 60.20 lakhs and....

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....iform purchase cost of land as on 1-4-1981 at Rs 50,000 per bigha. Per Contra, the Learned DR pleaded that the provisions of section 50 C of the Act had been rightly applied by the lower authorities in the instant case. 5. I find that the assessment was framed under section 144 read with section 147 of the Act dated 27-11-2017 due to the absence of the assessee. In the instant case, the assessm....

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....s 50,000 per bigha as on 1-4-1981. I hold that the adoption of sale consideration of Rs 60.20 lakhs by applying the provisions of section 50 C of the Act is in order in the facts and circumstances of the instant case. At the same time, in order to have uniformity, the purchase cost of land as on 1-4-1981 should be considered at Rs 50,000 per bigha as is adopted in the case of the co-owner of the p....