9911796707
TMI Blog2025 (3) TMI 590X X X X Extracts X X X X X X X X Extracts X X X X ..... ATA] and also from the decision of Edelwiess Asset management Ld [2024 (1) TMI 650 - ITAT MUMBAI].
Although DR submitted that assessee had not appeared when the case was taken up and proper opportunities were granted by the revenue authority before making enhancement.
Thus, sufficient opportunity should have been granted by Ld. CIT(A) before making enhancement and in the present case it has been specifically argued that no opportunity of hearing was provided by Ld. CIT(A). Therefore the interest of justice would be met in case the issue between the parties is decided on merits after providing fair opportunity of hearing to the assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... rchase Cost Indexed Cost Capital Gain Exemption Claimed 1/4Th SHARE IN SHOP 327/2613 MOTILAL NAGAR II 11/11/2013 1123320 03/07/2003 181980 369070 754250 754250 GOLD ORNAMENTS 20/11/2013 797468 01/04/1981 44071 413827 383641 383641 GOLD ORNAMENTS 22/11/2013 916300 24/01/1996 49980 167015 749285 749285 SILVER ORNAMENTS 19/11/2013 258630 01/04/1981 17084 160419 98211 98211 TOTAL 3095718 1110331 1985387 1985387 The capital gain being less than the investment in new flat whole of gain was exempt, wide Intimation Order no: CPC/1415/A2/1504274597 dated 17.06.2015 Capital gain Exemption of Rs 1231137 on sale of gold and silver utensils was denied and added to total income and dema ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not traceable and the agreement copy of new flat was very bulky. Before we could respond the appeal was dismissed and closure order was passed on date 09.02 2024 with an enhancement of Rs 7,54,250/-. For the enhancement notice u/s 251(2) was also not served. The section requires that the appellant should be given reasonable opportunity of showing cause against such enhancement. But in the instant case the reasonable opportunity was not provided to the appellant before making the enhancement which is against the principle of natural justice The Hon'ble Supreme Court of India in case of COMMISSIONER OF INCOME TAX, CALCUTTA VS RAI BAHADUR HARDUTROY MOTILAL CHAMARIA 1967 (4) TMI 8- SUPREME COURT held that the Appellate Asst. Commission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 49980 167015 749285 749285 SILVER ORNAMENTS 19/11/2013 258630 01/04/1981 17084 160419 98211 98211 TOTAL 3095718 1110331 1985387 1985387 6. Since the capital gain was less then the investment in new flat. However in intimation dated 17th June 2015, capital gain exemption of Rs. 12,31,137/- on gold and silver utensils was denied. Although rectification applications were filed but still exemption was not given in full. And ultimately, appeal was filed before Ld. CIT(A) and during the course of appeal assessee filed written submissions and placed on record the following documents 1. Statement of Income for the Year end 31.03.2014 2. Intimation Order us 143(1) dated 17.06.2015 3. Rectification Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ata and also from the decision of Coordinate Bench of ITAT Mumbai in the case of Edelwiess Asset management Ld Vs. ACIT, Mumbai, TMI 650 - ITAT Mumbai. 10. Although Ld. DR submitted that assessee had not appeared when the case was taken up and proper opportunities were granted by the revenue authority before making enhancement. 11. Be that as it may, in my view, sufficient opportunity should have been granted by Ld. CIT(A) before making enhancement and in the present case it has been specifically argued that no opportunity of hearing was provided by Ld. CIT(A). Therefore in my view, the interest of justice would be met in case the issue between the parties is decided on merits after providing fair opportunity of hearing to the assessee. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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