2025 (3) TMI 2280

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....R ORDER This appeal filed by the assessee is directed against the order of the National Faceless Assessment Centre / Commissioner of Incometax (Appeals) ["CIT(A)" for short] dated 07.01.2025 for the assessment years 2015-2016. 2. The brief facts of the case are that the appellant is an individual, deriving income from salary, capital gain and income from other sources. The return of incom....

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....lue of the property as on 01.04.1981 at Rs. 4,89,900 and the cost of improvement at Rs. 2 lakh in the financial year 1990-1991. However, the AO rejecting the above method, had adopted the fair market value of the property at Rs. 2,12,108 by adopting backward calculation based on the value as per the sale deed. The Assessing Officer adopted the cost of improvement at Rs. 1,50,000 as against Rs. 2 l....

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.... value provided by the Sub-Registrar as per document No.386/1981 as the location of the property is not clear and whereas the property sold by the appellant is residential area. 6. The learned Sr. DR placing reliance on the orders of the lower authorities and submits that no interference is called for therein. 7. I heard the rival submissions and perused the material available on record. The....