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TMI Blog2018 (5) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... o Section 48 as an amount which bears to the cost of acquisition the same proportion as the cost inflation index for the year in which the asset is transferred beard to the cost inflation index for the first year in which the asset was held by the Assessee or for the year beginning on the 1st day of April, 1981, whichever is later. It is not the case of the Revenue that the asset sold by the Assessee is not a long term capital asset and the gains arising thereto are not long term capital gains. We are of the view that the capital gains have to be computed after considering the indexed cost of acquisition, which has not been done in the present case. At this juncture, it would be relevant to refer to CBDT Circular No.14 (XL-35) dated 11/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeals can be heard and disposed of together. We therefore for the sake of convenience proceed to dispose of the two appeals by a consolidated order, but however, proceed with narrating the facts in ITA No.123/PUN/2017 for assessment year 2012-13. 3. The relevant facts as culled out from the material on record are as under:- Assessee is an individual stated to be having income from capital gains, bank interest and other sources. The Assessing Officer noted that Assessee had sold immovable property on 30.12.2011 (land at Survey No. 203(3), Sangamner, Budruk, Ahmednagar) jointly along with 20 members for ₹ 96,00,000/-. Assessing Officer further noticed that assessee had not filed the return of income. The Assessing Officer theref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... completed on 04/06/2015 thereby making proportionate addition of ₹ 8,64,455/- on account of long term capital gain, which was agreed by the appellant as well. 6. In the first ground of appeal, the appellant has stated the A.O did not consider the cost of acquisition. On perusal of the assessment order, it is noticed that during assessment proceedings the appellant was not prevented from making any such claim before A.O. and he admitted the addition made on account of long term capital gain. In view of this, the additional evidence produced during appellate proceedings is not admissible in the light of provisions of Rule 46A of I. T. Rules, 1962, as his case is not falling under any of the exceptional clauses as mentioned in Rule ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated to be suffering from serious illness because of which delay has occurred in filing the present appeal and therefore, the delay be condoned. Considering the aforesaid facts and in view of the settled law that when substantial justice and technicalities are pitted against each other, then the cause of substantial justice deserves to be preferred, we in the interest of justice, condone the delay and admit the appeal for hearing. 7. On the date of hearing none appeared on behalf of Assessee nor any adjournment application was filed. We, therefore, proceed to dispose of the appeal ex-parte qua the assessee after considering the material on record and after hearing the Ld.D.R. 8. Before us, Ld. DR supported the order of Assessing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year in which the asset is transferred beard to the cost inflation index for the first year in which the asset was held by the Assessee or for the year beginning on the 1st day of April, 1981, whichever is later. It is not the case of the Revenue that the asset sold by the Assessee is not a long term capital asset and the gains arising thereto are not long term capital gains. In such a situation, we are of the view that the capital gains have to be computed after considering the indexed cost of acquisition, which has not been done in the present case. At this juncture, it would be relevant to refer to CBDT Circular No.14 (XL-35) dated 11/04/1955 which states that the Officers of the Department must not take advantage of the ignorance of an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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