9911796707
Advanced Search 
TMI Blog2020 (10) TMI 657X X X X Extracts X X X X X X X X Extracts X X X X ..... with the reasons given in the Application and as the Ld.DR did not seriously oppose the condonation of delay, the delay is condoned and I proceed to decide the appeal as under. ITA No. 1243/Hyd/2019 AY 2008-09 Smt. Koppolu Suguna 2. Brief facts of the case are that the assessee is an individual having no independent source of income. The AO received information that the assessee has sold a property at plot no.2887 admeasuring 500 sq.yards situated at Shankar hills colony of Vattinagulapally Village and Grampanchayat, Rajendra Nagar Mandal, R.R.District vide doc.no.801 of 2007 dated 22.12.2007 for a consideration of Rs. 4,00,000/-. When verified from the office records, the AO observed that the assessee had not filed her return of income f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13 lakhs, the CIT(A) directed the AO to adopt the same valuation in place of SRO value and work out the capital gain accordingly. ITA No. 1243/Hyd/2019 AY 2008-09 Smt. Koppolu Suguna 3. Aggrieved, by the order of CIT(A), assessee is in appeal before the Tribunal by raising the following grounds. "1. The Order of the Learned Commissioner of Income Tax (Appeals) 1, Hyderabad passed for the Assessment Year 2008-09 in ITA. No. 0140/2016-17/ITO, Ward 11(5)/CIT(A)-1/HYD/2018-19 is erroneous both in law and also on facts of the case. 2. At the outset the assesse-appellant prays that the marginal delay of 13 days which took place in filing the present appeal before the Honourable Appellate Tribunal may kindly be CONSIDERED and the appeal may b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(Appeals), may be against the RULE OF CONSISTANCY upheld by the judiciary in many-a-case, and thus the SAME MAY BE VOID IN LAW; 6. For these reasons and other reasons which may be advanced during the course of hearing of the appeal, It is humbly requested that the LTCG liability to the extent sustained by the Learned CIT (Appeals) may be ordered to be deleted in the interests of equity and justice and also to be in conformity with the provisions of law." 3.1. At the time of hearing, the Ld.Counsel for the assessee submitted that assessee is not pressing ground no.3 and also argued only on the valuation to be adopted for the property and did not raise any arguments with regard to any other grounds of appeal. 3.2. The Ld.Counsel for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee has filed sale instances at pages 60 to 90 and as seen therefrom the sale consideration mentioned therein for similar properties was around Rs. 2,50,000/-. But I find that these sale instances were two to three years prior to the sale executed by the assessee. Therefore, they may not reflect the actual market value of the property as on the date of the sale. However, giving weightage to the sale instances, I deem it fit and proper to adopt the market value of the property at Rs. 2,000/- per sq.yard and direct the AO to recompute the long term capital gain by adopting the same and bring the long term capital gain to tax after allowing the other relevant expenditure and exemption u/s 54F of the I.T.Act, 1961. 6. In the result, a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
