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TMI Blog2025 (4) TMI 1362X X X X Extracts X X X X X X X X Extracts X X X X ..... ocates. For the Respondent : Mr Abhishek Maratha, SSC with Mr Apoorv Agarwal and Mr Parth Samwal, Advocates ORDER 1. Issue notice. The learned counsel appearing for the Revenue accepts notice. 2. The petitioner [Assessee] has filed the present petition impugning an assessment order dated 08.03.2025 [impugned order] passed under Section 143(3) read with Section 144B of the Income Tax Act, 1961 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imed that he was entitled to deduction of Rs. 3,67,64,315/- and Rs. 3,37,93,385/- and computed the capital gain chargeable to tax at Rs. 4,94,42,300/-. The petitioner had invested the said amount in a house property [new asset], and therefore, claimed that the capital gains chargeable to tax were NIL. A tabular statement setting out the Assessee's claim is set out below: "3.2 Synopsis of all sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f bank account statement, relevant sale deeds, copy of valuation report, computation of income and other relevant documents which are carefully perused and taken on record." 4. There is no dispute as to the sale consideration or the cost of land. However, the Assessee could not establish the value of the cost of construction by production of any bills or other documents. It is the Assessee's case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it open for the Assessee to avail his statutory remedy. However, in the peculiar facts and circumstances of the case, we direct that in the event the Assessee prefers an appeal within a period of four weeks from date, the same would be considered by the Appellate Authority on merits. However, in the meanwhile, the recovery of the demand, till the disposal of the appeal, is stayed. 6. Pending appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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