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TMI Blog2023 (10) TMI 439X X X X Extracts X X X X X X X X Extracts X X X X ..... ound of sale consideration of Rs. 8 lacs of plot no. C-3, Vanasthali Marg, Jaipur whereas Sub-Registrar adopted sale consideration of Rs. 25,03,205/- for stamp duty purpose (S. 50C deemed income). 2. That on the facts and in the circumstances of the case ld. CIT (A) has grossly erred in law and facts in upholding the assumption of jurisdiction for reassessment. The reassessment proceedings in this case was only based on presumption/suspicion and thus not validly initiated. 3. That on the facts and in the circumstances of the case ld. CIT (A) has grossly erred in law and facts in upholding issuing notice u/s 148 on the basis of AIR information in respect of deemed income u/s 50C and without verifying the correctness of the information an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law and facts in upholding addition of Rs. 25,03,205/- on account of long term capital gain whereas this is not a sale by father to sons but was a family settlement. 9. That on the facts and in the circumstances of the case ld. CIT (A) has grossly erred in law and facts in upholding not deducting the cost of acquisition of the asset and the cost of any improvement from the sale consideration of capital asset. 10. That on the facts and in the circumstances of the case ld. AO has grossly erred in law and facts in not referring the matter to the DVO for valuation of capital asset. 11. That on the facts and in the circumstances of the case ld. CIT (A) has grossly erred in law and facts in upholding not providing adequate opportunity of he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee was also asked to furnish the cost of acquisition of property for computation of capital gain latest by 27.01.2016. In response to the show cause notice, Shri Kailash Bajaj, CA furnished computation of income on 27.01.2016 claiming cost of acquisition and improvement expenses shown but he has not furnished any documentary evidence in respect of cost of acquisition as on 01.04.1981. He has stated that cost of construction was taken on different dates as shown in the computation of income. The assessee has not furnished return of income in response to notice under section 148. Since the assessee has not produced any evidence in respect of cost of acquisition of property and cost of improvement/construction of the property, the AO com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce was made. 4.1. As per the ld. D/R, Shri Kamlesh Gupta son of the deceased attended and requested for some time. Thereafter, the AO issued another letter dated 31.12.2015 which was received back unserved with the postal remarks that the person concerned has died. The ld. D/R further submitted that in response to show cause notice issued, Shri Kailash Bajaj, CA attended the proceedings but neither informed about the death of the deceased assessee nor brought on record the legal heirs of the deceased appellant, and since the assessment was getting time barred, AO has no other option except to complete the assessment in the name of deceased appellant through its legal heirs without specifying their names. 5. After hearing both the parties ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Even otherwise, as per provisions of section 159 of the IT Act, any proceeding taken against the deceased before his death shall be deemed to have been taken against the legal representative and may be continued against the legal representative from the stage at which it stood on the date of the death of the deceased. Since it had come to the knowledge of the AO that assessee had died and as per this particular Act i.e. Income Tax Act, 1961, the AO has been vested with the duel power i.e. investigation as well as adjudication, therefore, it has become all the more important for the AO to strictly comply with the procedure laid down by law. We are conscious of the fact that it is a settled law that no order of assessment can be passed again ..... X X X X Extracts X X X X X X X X Extracts X X X X
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