2026 (2) TMI 1048

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....as on facts and are liable to be annulled. Ground 3. The Learned A.O. has erred in computation of Long-term capital gain on fact that he has not considered the basic exemption limit of Rs. 2,50,000/- Ground 4. The Learned A.O. has erred in taking the consideration for sale of land as Rs. 1,29,73,500/- to arrive at capital gain of Rs. 1,29,73,500/- ignoring the consideration shown in documents of transfer of land and in the ITR filed by the appellant in response to notice issued u/s 148. Ground 5. The Learned Assessing Officer has erred in passing the assessment order without applying the provisions of Section 50C(2) of the Income Tax Act, 1961, regarding the valuation of the property. The Ld. AO has failed to consider the provisions allowing the taxpayer to dispute the stamp duty value by obtaining a report from a registered valuer under Section 50C(2), which was duly requested by the Appellant verbally during the course of assessment. Ground 6. The learned A.O. has erred in treating Cost of Acquisition of land to be Rs. NIL ignoring the Fair Market Value as on 01.04.2001 for the purpose of computation of long-term Capital gains. Ground ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 4. Ld. AR for assessee at first carried us to the reply-letter filed by assessee to AO during assessment-proceeding; Copy of same available at Pages 11-12 of Paper-Book is scanned and re-produced below for an immediate reference: 5. Thereafter, Ld. AR carried us to the assessment-order and demonstrated that the AO has considered following five (5) transactions of immovable properties for making impugned addition of Rs. 1,29,73,500/-: Sl. Date of transaction Name of purchaser Market value (Stamps duty value) Sale consideration received Taxed in assessee's hands (% of Market Value) Amount 1 11.10.2017 Manoj Kumar Gupta 1,08,18,000/- 12,00,000/- 50% 54,09,000 2 11.10.2017 Mo Soab 6,84,000/- 1,00,000/- 50% 3,42,000 3 11.10.2017 Manoj Kumar Gupta 56,07,000/- 8,00,000/- 50% 28,03,500 4 28.12.2017 Shakeel Ali Hasmi 19,85,000/- 1,70,000/- 100% 19,85,000 5 28.12.2017 Saeed Ajimuddin 24,34,000/- 2,30,000/- 100% 24,34,000   Total         1,29,73,500 6. Finally, Ld. AR made a straightforward submission with regard ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... which the deals had to be cancelled. According to Ld. AR, the assessee has already executed cancellation-documents of transactions, therefore the transactions stand cancelled and no capital gain is taxable. Ld. AR further narrated that the assessee has also developed a dispute with the counsel involved in execution of cancellation-documents, therefore the counsel has not provided copies of cancellation-documents to assessee. The assessee is, however, making all efforts to obtain cancellation-documents and will file the same to AO. Accordingly, in the situation, the assessee prays that this issue must also be remitted to the file of AO for a fresh adjudication after examining the evidences of cancellation to be filed by assessee. Ld. AR makes a further request that in the event the assessee is unable to file the evidences of cancellation or the AO is not satisfied with the assessee's claim of cancellation for any reason, a further direction should be given to the AO for making a reference to the DVO and finalise the taxability of these transactions in accordance with the provisions of section 50C(2)/(3). (iii) Deduction of cost - in all five (5) transactions: Ld. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....te details and evidences as and when called for by the AO, without seeking unnecessary adjournments. 10. Resultantly, this appeal is allowed for statistical purpose. Order pronounced in open court on 19/02/2026 ============= Document 1 Replyz Assessee प्रति, श्रीमान आयकर अधिकारी महोदय आयकर विभाग वित्त मंत्रालय भारत सरकार दिनांक 08.020.2023 को जारी DIN ITBAJAST/F/144(SCN)(F)/20 /2022-23/1049555964(1) के संदर्भ महोदय के समक्ष संपूर्ण विषय :- जानकारी प्रस्तुत करने वाबत्। --- 00- महोदà....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....निरस्त करवानी पड़ेगी तथा पैसे वापिस करना पड़ेगा, आगे जो राहत के आदेश होणे उसके अनुसार हम रिटर्न दुवारा फाईल करने को तैयार है। हाई कोर्ट में चल रही अपील की काफी संलग्न है। 3. महोदय हमारी संपत्तियों पर हाई कोर्ट में अपील चल रही है, जो ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....घर परिवारिक खर्चे के लिए हमें कम कीमत में ही अपनी संपत्तियां बैचना पड़ती है, ताकि आगे की कार्यावाही की जा सके। 6. महोदय से निवेदन है, कि मेरे द्वारा उपलब्ध कराई जानकारी को विभाग किसी भी स्तर पर जांच कर सकता है, एवं उसके बाद मेरे उपर क....