TaxTMI 
TaxTMI 
2023 (5) TMI 1506
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....ion 143(3) r.w.s 147 of the Income Tax Act, 1961 [hereinafter referred to as the "Act"] dated 22.12.2017. 2. Grounds of appeal raised by the assessee are as follows: "1. On the facts and circumstances of the case as well as law on the subject, the Assessing Officer has erred in reopening assessment by issuing notice u/s 148 of the I.T Act 1961. 2. On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre has erred in confirming the action of Assessing Officer in making addition of Rs. 55,50,250/- on account of long term capital gain u/s 50C of the I.T. Act. 3. On the facts and circumstances of the case as well as l....
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.... power to condone the delay is a discretionary one. However, such discretionary power should be used with liberal approach to advance the justice. We note that reasons given by the assessee, in the affidavit are convincing and sufficient therefore, having regard to the reasons stated in the affidavit/petition, we condone the delay of 15 days in the assessee's appeal and admit the appeal for hearing. 4. Succinct facts qua the issue are that assessee before us is an individual. The four co-owners had sold immovable properties at Rs.3,14,17,500/- in which assessee's share is shown at Rs. 62,83,500/-. On going through the sale deed, the assessing officer noted that stamp duty payment is shown at Rs.15,39,500/- which means that the property w....
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....er consideration, but the assessee has shown only one sale consideration of the property while filing return of income. However, during the course of assessment proceedings, the assessee was asked to furnish the details of both transactions. On verification of the same, it was noticed that the assessee has made valuation of both properties from the valuer in the same manner but deliberately shown one property transaction in his return of income filed in response to notice u/s 148. In this regard, the assessee has stated that he and other co-owners are farmers and not doing any business activities and are uneducated persons. It was further stated by the assessee that there is no intention of the assessee to conceal the income but due to lack....
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....total income of the assessee under the head "income from capital gains" u/s 50C of the Act. 7. Aggrieved by the order of Assessing Officer, the assessee carried the matter in appeal before the Ld. CIT(A), who has confirmed the action of Assessing Officer, observing as follows: "6. In view thereof the appellant does not fulfill conditions as laid down under section 50C of the Act, 1961. The disallowance of 50C of the Act is held to be justified and the addition of Rs. 1,17,90,250/- on account of Long Term Capital Gain, in the hands of the assessee is hereby sustained and ground raised by appellant is dismissed." 8. Aggrieved by the order of NFAC/Ld. CIT(A) the assessee is in further appeal before us. 9. We have heard both s....
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....ever, ld Counsel pointed out that in case of first property situated at R.S. No.7/2, Block No.10/paiki-1, Vihel, Choryasi, Surat, the sale consideration of the property was determined by DVO at Rs.38,75,600/-, which is acceptable to the assessee, however, the grievance of the assessee is that the DVO has taken indexed cost of acquisition at Rs. 31/- per square meter, as on 01.04.1981, which is very lower side. As per registered valuer of the assessee, the indexed cost of acquisition is at Rs. 80/- per square meter, as on 01.04.1981. The registered valuer of the assessee has considered entire facts and circumstances of the land to determine the value of the land as on 01.04.1981 at 80/- per square meter, and the same should be considered to ....
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....e that as per the sale instances chosen by DVO, the price of Rs. 81.00 per square meter, as on 01.04.1981, should have been recommended by the DVO, considering the situation of the assessee's land. Hence, we note that there is arbitrariness and randomness in the report of DVO to determine the fair market value of both the properties as on 01.04.1981 for the purpose of indexed cost of acquisition. We note that considering the sale instances and taking into account all the factors which affect the land rates such as size, shape, situation, location, utility, future potentiality, time lag etc; and considering the rate determined by the registered valuer of the assessee, the rate should be at Rs. 85 per square meter, [(80+90)/2] as on 01.04.198....