2025 (8) TMI 1849

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....nturi Rama Rao, AM This appeal filed by the assessee is directed against the order of the National Faceless Appeal Centre, Delhi [CIT(A)] dated 30.01.2025 for Assessment Year (AY) 2016-17. 2. Brief facts of the case are that the appellant is an individual. No return of income was filed under the provisions of section 139(1) of the Income Tax Act, 1961 (the Act) for AY 2016-17. However, based....

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....with South Indian Bank for availing loan by M/s. P.T. Mathai Construction Co. Pvt. Ltd. in which the appellant was a Director. It is submitted, placing reliance on the decision of the Hon'ble Kerala High Court in the case of CIT v. Thressiamma Abraham 227 ITR 802, that no income accrued in the hands of the mortgager, when the mortgaged property is sold by the financial institution. However, th....

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.... the learned Sr. DR, placing reliance on the decision of the CIT(A), submits that no interference is called for and the ratio of the decision in the case of Attili N. Rao (supra) is squarely applicable. 7. We have heard the rival contentions and perused the material available on record. The question that arises for our determination is whether or not capital gain accrues in case of the appellan....

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.... that belonged to the assessee. The price that was realised therefor belonged to the assessee. From out of that p[rice, the State deducted its dues towards "kist" and interest due from the assessee and paid over the balance to him. The capital gain that the assessee made was on the immovable property that belonged to him. Therefore, it is on the full price realised (less admitted deductions) that ....