Narendra Shankar Gavand vs. ITO, Thane

Parties Involved

Facts Summary

The assessee, Narendra Shankar Gavand, filed an appeal against the appellate order passed by the National Faceless Appeal Centre, Delhi, which dismissed his appeal against the assessment order passed under section 143(3) read with section 147 of the Income Tax Act 1961. The assessee contested the addition of Rs. 15,25,568/- made by the Income Tax Officer as business income and the addition of Rs. 60,72,250/- made as long-term capital gains. The assessee argued that the valuation determined by the District Valuation Officer should have been followed. The assessee also claimed that the specific ground of appeal no. 3 was incorrectly dismissed as general/consequential in nature.…

Legal Issues

• 1. The Hon. CIT(A) erred in upholding the addition of Rs. 15,25,568/- made by the Id AO, as business income of the appellant, on account of application of section 50C of the I. Tax Act 1961, failing to follow the valuation determined by the District Valuation Officer (DVO) in respect of the same transaction of sale of share in revisionary interest in a plot of land at Bhandup (W), Mumbai
• 2. The Hon. CIT(A) erred in upholding the addition of Rs.60,72,250/- made by the ld AO, as long term capital gains, considering the wrongly determined sale consideration amount on sale of share in revisionary interest in a plot of land at Bhandup (W), Mumbai, to be income of the appellant liable for tax, without granting appropriate deduction for indexed cost of acquisition of such rights, as per provisions of section 55(2)(b)(ii) of the I.T. Act, 1961 and incorrectly dismissing the specific ground of appeal no. 3 raised before the Hon. CIT(A) as general/consequential in nature.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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