9911796707
TMI Blog2024 (3) TMI 1413X X X X Extracts X X X X X X X X Extracts X X X X ..... in time. For statistical purposes, the appeal of the assessee is treated as allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... lower authorities have grievously failed to appreciate in the right, lawful and proper perspective the entire correspondences made in the course of assessment and/or appeal proceedings, already been supplied with the appeal memo forming part of the statement of facts including cogent explanations and submissions made in writing by the assessee on various dates along with the various enclosures attached with the said submissions and hence, no justified. 6. Your assessee further reserves her rights to add, alter, amend or modify any of the aforesaid grounds before or at the time of hearing of an appeal." 3. Succinct facts are that no return of income was filed by the assessee for assessment year (AY) 2012-13. The assessing officer was having information that during the relevant financial year the assessee has sold immoveable property on 06.03.2012 for a consideration of Rs. 95.00 lakhs. No capital gain was offered by the assessee. The stamp valuation authorities valued the valued said property for the purpose of registration of sale transaction at Rs. 2.09 Crore, on which the assessee paid stamp duty of Rs. 10.27 lakhs. On the basis of aforesaid information, the assessing officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by Talaticum-Mantri Gram Panchayat, Google Map, Form No. 8A and 7/12. The assessee also relied on various case laws, consisting of CIT Vs Chandan Magraj Parmar (2022) 135 taxmann.com 55 (Bom), Chimanbhai Dahyabhai Patel Vs ITO (2022) 140 taxmann.com 22 (Surat-Trib), Mohideen Sharif Inayatulla Sharif Vs ITO (2022) 139 taxmann.com 551 (Chennai-Trib)- and George Gee Varghese Vs ITO (2023) 152 taxmann.com 493 (Chennai-trib). 5. The ld CIT(A) after consideration the submissions of the assessee confirmed that action of assessing officer in reopening under section 147 by holding that the assessee has not offered capital gain on sale of immoveable property as no return of income was filed, the reopening was made after recording satisfaction. On merit, the ld. CIT(A) held that he has gone through the explanatory memorandum of Finance Act 2013 and Circular of CBDT No. 03/2014 dated 24 January 2014. The Circular of CBDT is clear that shortest possible route has to be taken as the crow flies. The assessee has not taken areal shortest possible route. The distance of the land from the City is within 8.00 KM as per the shortest route and that the assessee has given wrong map of areal distance. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The assessing officer made addition of Rs. 2.09 Crore by invoking the provisions of section 50C on the basis of facts that the assessee has shown sale consideration only at Rs. 95.00 lakhs, but the stamp valuation authority has valued the land for the purpose of registration of transaction at Rs. 2.09 crore. The ld CIT(A) confirmed the action of assessing officer on the basis of CBDT Circular No. 3/2014 by holding that areal distance of shortest possible route has to be taken as the crow flies. On careful perusal of CBDT Circular No. 3/2014, we find that para- 4(4.5) of circular clearly specify that amendment made in the definition of Capital asset by Finance Act 2013 is applicable from AY 2014-15. We find that CBDT in its subsequent Circular No. 17/2015 has issued following directions, "CIRCULAR NO.17/2015 [F.NO.279/MISC./140/2015-ITJ], DATED 6-10-2015 "Agricultural Land" is excluded from the definition of capital asset as per section 2(14) (iii) of the Income-tax Act based, inter alia on its proximity to a municipality or cantonment board. The method of measuring the distance of the said land from the municipality, has given rise to considerable litigation. Although, the ame ..... X X X X Extracts X X X X X X X X Extracts X X X X
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