Hariram vs. ITO

Parties Involved

Facts Summary

The appeal arises from the order of the National Faceless Appeal Centre (NFAC), Delhi, confirming an addition made by the Assessing Officer (AO) in the sum of Rs 3,02,84,375/- on account of the sale of land by the assessee, Hariram. The AO received AIR information indicating that the assessee sold his share in an immovable property for Rs. 3,02,84,375/- on 28-04-2006. A query letter was issued to the assessee, but he did not respond to any of the notices issued under sections 148 and 142(1) of the Income-tax Act, 1961. Consequently, the AO framed the assessment under section 144 read with section 147 of the Act, treating the sale consideration as long-term capital gain. The NFAC confirmed the addition due to the assessee's non-compliance with the notices.…

Legal Issues

• 1. Whether the agricultural land sold by the assessee is situated within 5 kms from the municipal limits of Rewari, bringing it within the ambit of the definition of capital assets under section 2(14) of the Act and consequently levying capital gains tax.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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