Tawfiqur Rahman

Parties Involved

Facts Summary

An order under section 147/144 of the Income Tax Act was passed for the AY 2013-14 on 28.12.2017 after making an addition of Rs.10,84,330/- as long term capital gains. Aggrieved by the assessment order dated 28.1.2.2017, the assessee preferred an appeal before the ld. CIT(Appeals) and ld. CIT(Appeals) confirmed the addition as made by the ld. Assessing Officer. The assessee subsequently preferred appeal before the ITAT and Hon’ble ITAT vide its order dated 27.08.2021 directed the A.O. to recompute the capital gain chargeable to tax in the hands of assessee by taking the proportionate share of assessee in fair market value of the property as on 05.10.2010 as determined by the DVO at Rs.13,50,850/- as deemed sale consideration. The ld. Assessing Officer was directed to allow deduction on account of the indexed cost of acquisition of the property while computing the capital gain in accordance with law. Accordingly the assessee was asked to give details of the cost of acquisition of the immovable property with supporting evidence and furnish computation of his income for AY 2013-14, but the assessee did not produce the details and was unable to determine the cost of acquisition and date of acquisition and, thus long-term capital gains could not be determined. The ld. Assessing Officer revised income u/s. 250/147 of the Act at Rs.10,84,330/- and determined tax at Rs.3,82,046/-, which is payable by the assessee.…

Legal Issues

• 1. Whether the delay in filing the appeal before the ld. CIT(Appeals) can be condoned?
• 2. Whether the appeal of the assessee should be dismissed for being time-barred?

Judgment Outcome

Decided in favour of Assessee.

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