Balbir Singh Vs. ACIT-4(1), Raipur (C.G.)

Parties Involved

Facts Summary

Balbir Singh filed his return of income for the Assessment Year 2012-13 on 28.08.2012, declaring an income of Rs.16,98,520/-. The return was processed under Section 143(1) of the Income-tax Act on 25.10.2012. The Assessing Officer (A.O) observed that Balbir Singh had received Rs.94,95,250/- from Naya Raipur Development Authority (NRDA) on 31.03.2012 for the sale of 3.998 acres of agricultural land. However, Balbir Singh had not reported the capital gain arising from this sale transaction. The A.O computed the Long Term Capital Gain (LTCG) at Rs.91,57,837/- and assessed Balbir Singh's income at Rs.1,08,56,360/-. Balbir Singh appealed against this assessment order, which was dismissed by the Commissioner of Income-Tax (Appeals). Balbir Singh then appealed to the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Whether the assessment framed by the A.O without issuing notice u/s.143(2) of the Act is sustainable?
• 2. Whether the approval granted by the Joint Commissioner of Income Tax (JCIT) u/s.151(2) is valid?
• 3. Whether the addition of Rs.91,57,837/- on account of long term capital gain on land acquired by NRDA is justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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