2026 (3) TMI 1011

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....appeal Centre, Delhi (the learned CIT - A) dated 20 August 2025 wherein the appeal filed by the assessee against the assessment order dated 22 March 2023 passed under section 147 read with section 144 read with section 144B of the income tax act, 1961 (the act) by the National faceless assessment Centre (the learned AO) was dismissed. 2. The assessee is aggrieved with the fact that the learned CIT is confirmed the order of the learned assessing officer where the assessee earned a Long term capital gain on sale of property has been treated as a short-term capital gain and further denied the indexation benefit under section 55 (2) (ac) though the property was acquired in 1994 and held for over 22 years. 3. The briefly stated the fact sh....

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....sclosed income. The learned CIT - A dismissed the appeal of the assessee. Therefore, the assessee is in appeal before us. 7. The learned authorized representative submitted that that the notice under section 148 was issued on 22 June 2021 which was later treated as a show cause notice under section 148A (b) following the decision of the honourable Supreme Court. It was submitted that the proceedings were initiated against the diseased are void ab initio under section 159 (2) (a) of the act and reassessment was barred by limitation under section 149 (1) (b) of the act as they escaped income is below Rs. 50 lakhs. It was further stated that even otherwise on the marriage the property was acquired in 1994 which was held for almost 22 years ....

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....arly shows that assessee has sold the residential apartment numbers C001 situated at ground floor together with 1/9th undivided share in the common area and facilities by the name of Madhura Apartment which was acquired on 4 February 1995 and further construction was made in 95 - 96. This property was sold for Rs. 14 lakhs and the learned lower authorities despite having the copy of the sale deed available with them did not grant any deduction of the cost of acquisition of the property. The learned assessing officer was duty-bound to grant the cost of acquisition as the information was available with him that the assessee purchased the land and constructed property in 95 - 96 thereon. The share of the assessee is 1/9 undivided share in land....