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TMI Blog2023 (11) TMI 97X X X X Extracts X X X X X X X X Extracts X X X X ..... n needed in legal cases to ensure that similar facts and circumstances are being considered when making legal decisions. This principle is closely related to the concept of fairness in adjudication. The legal systems aim to treat similar cases similarly to ensure fairness and consistency in the application of the law. In case of equity and justice an apple-to-apple comparison helps to ensure that the legal outcome is just and equitable. If different standards are applied to similar cases, it can result in unequal treatment under the law. In the assessee`s case under consideration, as observed that in order to compute the long term capital gain (LTCG), AO took sale consideration from the seized material, however, the cost of acquisition of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction of the Assessing Officer in making addition of Rs. 16,11,628/- on account of long term capital gain calculated and rejecting cost of acquisition with indexation of Rs. 47,91,931/- against the sale value of Rs. 54,70,101/- declared in return field u/s 153C of the Act and accepted cost of acquisition with indexation filed in original return of income filed u/s 139 of the Act Rs. 38,58,473/-. 2. On the facts and in circumstances of the case as well as law on the subject, the learned Commissioner of Income Tax (Appeals) has erred in confirming the action of the Assessing Officer in calculating long term capital gain. 3. On the facts and in the circumstances of the case as well as law on the subject, the learned Commissioner of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee were found, the details of which were reproduced by the assessing officer on page nos. 1&2 of the assessment order. The solitary issue in the assessee`s case is that when sale consideration of a capital asset is taken by the assessing officer from the seized documents, then cost of acquisition should also be accepted which is mentioned in the seized documents to compute long term capital. According to the Assessing Officer, the assessee had offered 'long term capital gain' (in brief 'LTCG') on sale of property at Rs. 15,58,473/-. During the course of search in the residence of the assessee, a document relating to sale of immovable property was found and seized as Annexure A-1 page 114 to 144. As per the said document, the assessee had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting to that asset should also be considered as per seized material. There should be harmony in the computation of LTCG. Therefore, ld Counsel contended that if the expenses were to be taken as per seized material, then there would be no addition in the hands of the assessee, and therefore the addition made by the Assessing Officer may be deleted. 8. On the other hand, Ld. CIT-DR for the Revenue reiterated the findings of Assessing Officer and submitted that assessee has originally taken the cost of acquisition of the asset, as shown in the return of income, therefore cost shown in the return of income may be continued and sale consideration of that asset may be taken from seized material, to compute the long term capital gain. The Ld. CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sition should also be accepted, which is mentioned in the seized documents, to compute long term capital. In other words, when the sale consideration and cost of acquisition, both are mentioned in the seized material, then in that circumstances the Assessing Officer has to consider both to compute LTCG. Therefore, the approach of the Assessing Officer to take the sale consideration from seized material and cost of acquisition from assessee`s return of income, is not acceptable, as it creates discrimination in the computation of LTCG. As we have pointed out above, that an "apple-to-apple" comparison is essential in legal cases to ensure consistency, fairness, and the proper application of legal principles. Therefore, considering th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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