9911796707
TMI Blog2023 (1) TMI 1157X X X X Extracts X X X X X X X X Extracts X X X X ..... under the head Capital Gains and the Ld. CIT (Appeals) has further erred in confirming the same. 2. That the Ld. A.O has erred in treating Rs. 32,67,930/- as Income under the "Capital Gains" as Income of the assessee in respect of assets which were never owned by the assessee and the Ld. CIT(Appeals) has further erred in confirming the same. 3. That the appellant craves to add, amend or delete any ground(s) of appeal before or during the hearing of the Appeal." 2. The facts giving rise to the present appeal are that in this case the assessment was reopened u/s 147 of the Income-tax Act, 1961 (in short "the Act") on the basis of chargeability of capital gains arising out of sale of property. Thereafter the Assessing Officer framed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year under consideration. The assessee has failed to produce any proof of transfer of sale consideration to his mother's account. Whereas the assesses has already furnished copy of Cash Book during the assessment proceedings which is placed on record. In view of these facts, the entire sale consideration amounting to Rs 55.76,000 /- for 11 regd, deeds of area, measuring 1806 Sq yards is to be considered in hands of the assesses. As the land is situated within municipal limits, long term capital gain arises on transfer of capital asset u/s 45 of I.T, Act, 1961. The assessee has shown purchase rate of property @ Rs 247/- Sq yard but has failed to produce any documentary, proof in this regard. As the property is claimed to be purchased bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned CIT(Appeals) goes to prove that the learned CIT(Appeals) has passed a non-speaking order without considering the facts in right perspective. The assessing authority computed capital gain purely on the basis of conjectures. The Assessing officer has recorded that assessee vide letter dated 8.11.2016 intimated that he had not sold any property. He was having power of attorney of his mother in respect of land admeasuring 1288 sq. yards in Shaheed Malkhan Singh Colony, Gharaunda. However, the Assessing Officer made addition on the basis that the entire sale proceeds amounting to Rs. 55,76,000/- had been credited in the account of the assessee, therefore, being the actual beneficiary, addition was made in his hand. I am unable to affirm ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
