9911796707
TMI Blog2021 (1) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... 143(1) of the Income Tax Act [Act] on 02-03-2012. Subsequently, the case was selected for scrutiny under CASS and during the assessment proceedings u/s. 143(3) of the Act, the AO observed that as per AIR information, the assessee has sold immoveable property valued at Rs. 1,06,80,000/- on 17-06-2010. Therefore, the AO required the assessee to furnish information with regard to the immoveable property sold by her. The assessee furnished copies of purchase and sale deeds of the property sold. From the sale deeds, the AO observed that the assessee has transferred land admeasuring 1335.00 Sq. Meters in Nagpur Municipal Corporation in favour of M/s. Swami Samarth Infrastructure Private Limited for a consideration of Rs. 51,00,000/- on 17-06-201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evious years. He also observed that at the time of sale in the month of June, 2010, the area comes within the jurisdiction of Nagpur Municipal Corporation and that the property has been sold to a builder, and therefore, it cannot be said to be agricultural land. Thus, the CIT(A) confirmed the order of the AO and the assessee is in second appeal before the Tribunal by raising the following Grounds: "1. In law, on the facts and in the circumstances of the case, me Ld. CIT(A) has grossly erred in not considering the appellant's submissions made before him as such the order is against principle of natural justice, bad in law and deserves to be cancelled. 2. In law, on the facts and in the circumstances of the case, the Ld. CIT(A) erred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een recorded in the sale deed has been received by the assessee and in the absence of the same, no addition can be made by estimating and substituting the market value. 10. The Ld. CIT(A) ought to have reduced from the sale consideration, the index cost of acquisition of the fair market value of the land as on 01.04.1981 for determining the capital gain. 11. The assessee craves space to add, alter, amend any ground or submission made before or at the time of proceedings before the ITAT". 4. The case is taken up for hearing on 20-08-2020 through video conferencing and both the parties were heard. 5. Ld. Counsel for the assessee reiterated that the land sold by the assessee is agricultural land and the details of the same could not be p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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