TaxTMI 
TaxTMI 
2026 (4) TMI 1386
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....rt) 2011-12. 2. The assessee has raised the following grounds of appeal: "1. On the facts and in the circumstances of the case and in law the Hon'ble Commissioner of Income Tax - Appeals erred in confirming assessing capital gain of Rs. 5662500/- on sale of capital assets as short term capital gain instead of as long term capital gain as claimed by the appellant. Provisions of the Act ought to have been properly construed and regard being had to facts of the case capital gain on sale of said capital assets should have been assessed as long term capital gain. Reasons assigned by him are wrong and insufficient to justify treating gain on sale of said assets as short term capital gain. 02. On the facts and in the circumsta....
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....per perspective, and without providing copies of material relied upon is liable to be annulled. 05. The Hon'ble Commissioner of Income Tax - Appeals erred in confirming charging of interest under section 234A. 234B and 234C and 234D of the Act 06 The appellant crave leave to add, amend, alter and / or vary any of the grounds of appeal before or at the time of hearing." 3. Brief facts of the case are that the assessee is an individual and had filed his return of income dated 29.07.2011 declaring total income at Rs. 9,38,240/- and the same was processed u/s. 143(1) of the Act. The Learned Assessing Officer ("Ld. AO" for short) completed the assessment u/s 143(3) of the Act vide order dated 30.12.2013 accepting the returned income ....
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....ible material on record for the reason that the assessee has furnished complete details of the sale transactions before the Ld. AO during the original assessment proceeding, which were duly considered by the Ld. AO and thereafter accepted the returned income of the assessee. The Ld. AR contended that it is a case of change of opinion and not reason to believe and the same tantamounts to violation of the settled principles of law which makes it clear that the reassessment proceeding can be initiated only when the Ld. AO was brought to the knowledge of relevant material to apply his mind as to the fact that income has escaped assessment in the hands of the assessee and only when there are reasons to believe the same, the AO can initiate the r....
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....f Rs. 18,37,500/-. Further, it is specified that though the assessee had booked the said commercial premises by making initial payment of Rs. 1,75,000/- by cheque payment vide an agreement dated 15.10.2006, the registration of the said property was effected only on 16.09.2008, thereby treating the sale consideration as STCG instead of LTCG. On considering the submission of the Ld. AR that this issue was already examined by the Ld. AO during the original assessment order dated 30.12.2013 u/s 143(3) of the Act where the Ld. AO has categorically mentioned that the assessee had duly explained that the property was acquired by way of an agreement dated 15.10.2006, basis which the Ld. AO proceeded to treat the gain on sale of the property to be L....