2025 (2) TMI 1507

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....ee is regarding the enhancement of capital gain from a disclosed figure of Rs. 6,41,972/- to an enhanced figure of Rs. 42,08,406/- under Section 143(1) of the Act. 1.2 Before the Ld. CIT(A) also, the assessee could not succeed on the basis of the following findings: "6.1.6 The contention of appellant has been gone through. It is again reiterated at the cost of repetition that the action in the instant case against which appeal is file has been taken u/s. 143(1) which prescribes limited adjustment on the basis of details filled in by the assessee in the return of income. The impugned amount contended by the appellant is computed on the basis of amount mentioned by appellant in respective column. Therefore, aforesaid contention at....

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....s nothing additional details other then what is stated in statement of facts/submission have been brought on records to suggest that the action of CPC, Bangalore is incorrect." 2. Aggrieved with this action of Ld. CIT(A), the assessee has approached the ITAT with the following grounds: "1. That the Ld. CIT (A) erred on facts and in law in sustaining the re-computation of capital gain by enhancing an income under section 143(1) of Income Tax Act for Rs. 42,08,406/- for AY 2019-20 in place of Rs. 6,41,972/-. 2. That the Ld. CIT (A) erred on facts and in law in sustaining the adjustment u/s. 143(1) of the Act on account of capital gain for Rs. 42,08,406/- contrary to the scope of section 143(1) of Income Tax Act. ....

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....re us, the Ld. AR vehemently argued that the processing mandated under Section 143(1) of the Act is limited in scope and cannot cover issues which are debatable. The Ld. AR took us through the facts of the case and stated that while the sale consideration was considerably below the value as per the circle rate (stamp duty valuation), it was argued that section 50C of the act provides for a mechanism to assess capital gains liability at a higher level than what is disclosed by any assessee in case the stamp duty valuation is higher than the actual sale consideration. He stated that in the same section of the Act, if the sale consideration is less than the stamp value then there is a provision for referring the same to a Valuation Officer. He....