2022 (10) TMI 394 - AT - Income Tax

Addition u/s 69A - income from undisclosed sources - assessee has received the mines sales advances - HELD THAT - The assessee has not advanced any arguments/submission controverting the order of the ld. CIT(A). In this situation, the Bench has no other alternative except to the confirm the action of the ld. CIT(A). Thus Ground No.1 of the assessee is dismissed. Long term capital gain - sale of residence plot - CIT(A) treating Plot sold as commercial and revised DLC value as adopted by subregister has been upheld - HELD THAT - Where neither there was any revisionary order in the assessee's favour, nor did he show the capital gains in his return of income or the sale of other plots against which he could claim capital loss, the matter decided by the SVA in the second valuation remains finally adjudicated. As the assessee has not advanced any arguments/submission controverting the order of the ld. CIT(A). In this situation, the Bench has no other alternative except to the confirm the action of the ld. CIT(A). Thus Ground of the assessee is dismissed. Loss incurred on account of plots as claimed - A.O not allowed any set off against the capital gains related sale receipts -HELD THAT - As the assessee has not advanced any arguments/submission controverting the order of the ld. CIT(A). In this situation, the Bench has no other alternative except to the confirm the action of the ld. CIT(A). Thus Ground No. 3 of the assessee is dismissed.

Summary

Issues:
1. Condonation of delay in filing the appeal
2. Addition of income from undisclosed sources
3. Confirmation of long-term capital gains on the sale of property
4. Disallowance of capital loss against capital income
5. Charging of interest under section 234B

Condonation of Delay:
The appeal was filed with a delay of 183 days, and the assessee sought condonation citing reasons related to misplacement of documents by the counsel. The Tribunal, after considering the submission and the decision in Collector, Land Acquisition vs. Mst. Katiji, condoned the delay, noting that the assessee was prevented by sufficient cause.

Income from Undisclosed Sources:
The assessee contested the addition of Rs. 30,50,000 as income from undisclosed sources under section 69A. The CIT(A) rejected the claim of mine sale advances and revised balance sheet, concluding that the arguments lacked evidentiary weight. The Tribunal dismissed the appeal as the assessee failed to present any arguments against the CIT(A)'s order.

Long-term Capital Gains:
Regarding the confirmation of long-term capital gains on the sale of property, the Tribunal upheld the decision of the CIT(A) as the appellant did not challenge the order or provide any new evidence. The Tribunal dismissed the appeal concerning the valuation of the property and the calculation of capital gains.

Disallowance of Capital Loss:
The CIT(A) disallowed the set-off of capital loss against the capital gains related to the sale of plots due to the absence of concrete evidence supporting the claimed loss. The Tribunal affirmed the CIT(A)'s decision as the assessee did not present any arguments to counter it.

Charging of Interest:
The issue of charging interest under section 234B was considered consequential and not required to be adjudicated upon separately. The Tribunal did not delve into this matter further.

In conclusion, the Tribunal dismissed the appeal of the assessee after considering each issue and finding no substantial arguments or evidence presented to challenge the CIT(A)'s orders. The decision was pronounced in an open court on 26/09/2022.