Lakshmi Prasunamba Kodali vs. Asst. Commissioner of Income Tax

Parties Involved

Facts Summary

The assessee, a Non-resident Indian, filed an appeal against the order of the Commissioner of Income Tax (Appeals) in Appeal No. 10330/2018-19, dated 18/06/2024. The assessee derived income from Long Term Capital Gain from the sale of immovable properties and interest from NRO accounts. The assessee filed a return of income for the Assessment Year 2019-20 on 29/05/2019 and revised it on 19/06/2019. The case was selected for scrutiny, and a notice under section 143(2) of the Income Tax Act, 1961 was issued. The assessee submitted information in response, and the Assessing Officer reworked the Long Term Capital Gain. The Commissioner of Income Tax (Appeals) passed an ex-parte order partly allowing the assessee's appeal. The assessee appealed to the Income Tax Appellate Tribunal, raising grounds of appeal regarding the determination of total income and the valuation report submitted by the District Valuation Officer.…

Legal Issues

• 1. The Learned CIT (A) erred in determining the total income of the Assessee.
• 2. The Ld CIT (A) erred in stating that the assessee has not responded to notices issued.
• 3. The Ld CIT (A) ought to have appreciated the fact that the valuation report submitted by the DVO is not free from defects.
• 4. The Ld CIT (A) ought to have considered the FMV as on 31/03/2001 based on the details submitted by the assessee.
• 5. The Ld CIT (A) grossly erred in blindly following the value determined by the DVO.

Judgment Outcome

Decided in favour of Assessee.

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