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TMI Blog2022 (11) TMI 1255X X X X Extracts X X X X X X X X Extracts X X X X ..... nt on the capital gain arises from the sale of said land - HELD THAT:- We hardly see any reason to accept the assessee s instant latter argument in light of hon ble apex court s landmark decision in CIT vs., Ch Atchaiah [ 1995 (12) TMI 1 - SUPREME COURT] that the correct amount of income has to be assessed in right person s hands only. Faced with this situation, we hardly see any reason to entert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . On the facts and in the circumstances of the case and in law, the honourable CIT(A) erred and is not justified in confirming the addition of Rs. 47,89,850/- as Capital Gain on sale of land without appreciating the facts of the case. The appellant hereby prays that the addition may please be deleted. 2. On the facts and circumstances of the case and in law, the Honourable CIT(A) erred in confi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ands of the appellant, then the appellant requests your honour to kindly direct the learned assessing officer to allow the credit of income tax paid by the company on the capital gain on sale of land against the income tax payable by the appellant on the capital gain arises from the sale of said land. 4. The appellant hereby reserves the right to add, amend, alter, delete or raise any additiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the lower appellate hearing notices had been duly served on the assessee. This is indeed coupled with the fact that the assessee herein has not placed any documentary evidence on record that the company concerned (supra) had declared the corresponding capital assets in its name in the balance sheet maintained; if any. Learned counsel at this stage submitted that the said company has already assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor Land Acquisition V/s. Mst. Katiji Others (1987) 167 ITR 471 (SC) setting the law long back that all such technical aspects must make way for the cause of substantial justice. This is indeed in addition to the fact that the assessee has instituted his instant appeal on 10.02.2021 i.e. during Covid-19 Pandemic outbreak period only. The impugned delay of 408 days stands condoned therefore. 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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