9911796707
TMI Blog2023 (10) TMI 1239X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the case, it was assessee s bounden duty only to file the requisite supportive material during the course of assessment on being put to question by the AO. As admittedly not been done as the facts before us speak for themselves. Faced with the situation, we quote Malabar Industrial Company Ltd [ 2000 (2) TMI 10 - SUPREME COURT] Rampyari Devi Saraogi [ 1967 (5) TMI 10 - SUPREME COURT] , Tara Devi Aggarwal [ 1972 (11) TMI 2 - SUPREME COURT] and Paville Projects Pvt. Ltd [ 2023 (4) TMI 295 - SUPREME COURT] to confirm the learned PCIT s revision directions. Decided against assessee. - Shri Satbeer Singh Godara, Judicial Member And Dr. Dipak Ripote, Accountant Member For the Assessee : Shri Abhay Agrawal For the Revenue : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings, vide show cause notice dated 11/08/2017, the learned AO had specifically asked the assessee to produce documentary evidences in respect of purchase cost and additions thereon, which were duly produced by the assessee and corroborated by learned AO's observations in the assessment order. 5. Whether on the facts and circumstances, the learned CIT erred in not appreciating that, the learned AO had mentioned in assessment order that, only vouchers for expenses amounting to Rs. 12,700 could not be produced, for which separate addition was made. 6. Whether on the facts and circumstances, the learned CIT erred in not considering the submission filed by the assessee before learned CIT on 10/01/2020, wherein it was clearl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the nature of Improvement had taken place. Under these circumstances, the assessee will not be entitled to the indexed cost of improvement for F.Yrs. 1989-90 and 1991-92 as claimed by him. The entire expenses (i.e., indexed cost of improvement) amounting to Rs. 15,65,766/- (1294586+271180) will be required to be disallowed and added back to the total income of the assessee. Even though there was no material on record with the Assessing Officer, the Assessing Officer was not right in restricting the above disallowance to Rs. 65300/- only. Hence, the order passed by the AO is erroneous and prejudicial to the interest of the revenue. This is ratified by the decision of the High Court of Himachal Pradesh in the case of the Commissioner of- In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed issue which lead to under assessment and loss of revenue after giving reasonable opportunity of being, heard to the assessee. 4. Learned counsel representing the assessee vehemently argued during the course of hearing that the Assessing Officer had rightly framed his impugned assessment not disallowing the corresponding expenses for the purpose of computing the long term capital gains. Mr. Agrawal took us to the assessee s paper book running into 22 pages comprising of the case records and other details. His case in light thereof is that once the Assessing Officer had carried out all the necessary enquiries for the purpose of cost of acquisition/improvement of the capital asset(s) in issue; his assessment is neither erroneous nor ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
