Kiran Kumar Rasala vs. ITO

Parties Involved

Facts Summary

The assessee, Kiran Kumar Rasala, had sold an immovable property jointly with three other persons for a consideration of Rs.46,80,000/-. The Assessing Officer (AO) determined the assessee's proportionate share of the sale consideration at Rs.14,15,646/- based on the area of the property. The AO also determined the long-term capital gains (LTCG) on the transfer of the subject property in the hands of the assessee at Rs.5,19,522/-. The assessee appealed against the order passed by the Commissioner of Income Tax (Appeals) (CIT(A)), who had upheld the quantum addition made by the AO. The assessee also appealed against the penalty imposed under section 271D of the Income Tax Act, 1961.…

Legal Issues

• 1. Whether the CIT(A) erred in dismissing the appeal in limine without adjudicating the merits?
• 2. Whether the AO erred in adopting the stamp duty value as full value of consideration?
• 3. Whether the AO erred in computing the appellant’s proportionate share of consideration?
• 4. Whether the AO erred in computing the cost of acquisition?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Suken Suresh Mehta Vs. Income Tax Officer

• Mukesh Vaikunthlal Mehta vs Income Tax Officer Ward 34(2)(1), Mumbai

  Mumbai Bench benchAY 2011-2012Partly Allowed

• Murtuza Kothari vs. ITO, Ward-19(2)(2)

  Mumbai benchAY 2015-16Partly Allowed

• Abbayi Sunkara vs. Income Tax Officer

  Visakhapatnam bench

• Tawfiqur Rahman

  Kolkata Bench benchAY 2013-2014Allowed

• Raghvendra Singh

  Kolkata Bench benchAY 2018-2019Allowed