Smt. Rajamani vs. The Income Tax Officer, Ward-2(1), Salem

Parties Involved

Facts Summary

The appeal by the assessee arises from the order of the Commissioner of Income Tax (Appeals) dated 06.05.2024. The assessment was framed by the Income Tax Officer, Ward-2(1), Salem for the assessment year 2011-12. The assessee filed the appeal four days beyond the statutory limit due to age and health conditions. The primary issue in the appeal is the computation of long-term capital gain from the sale of 9716 sq.ft. of land at SF No.258/6, Rasi Nagar, Jagir Ammapalayam, Salem. The assessee sold her share of the land for Rs.23,80,615/-. The Assessing Officer computed the total consideration of the entire land at Rs.82,53,900/- and the assessee's share at Rs.23,80,615/-. The assessee appealed to the Commissioner of Income Tax (Appeals), who directed the Assessing Officer to recompute the long-term capital gain considering the value of the cost of acquisition as on 28.10.2002 at Rs.6,00,000/- and recompute the capital gain after indexing the same.…

Legal Issues

• 1. Computation of long term capital gain out of sale of 9716 sq.ft. of land at SF No.258/6, Rasi Nagar, Jagir Ammapalayam, Salem.

Judgment Outcome

Decided in favour of Assessee.

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