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2018 (5) TMI 629 - ITAT RANCHIComputation of long term capital gain - acceptance of sale consideration - addition u/s 69 - Held that:- The assessee declared long term capital gain of ₹ 2,54,25,861/- and claimed exemption u/s. 54 of the Act in his return of income. According to AO, no compliance was made in response to notices issued u/s. 143(2) and 142(1) of the Act, 1961. The assessee declared capital gain of ₹ 95,38,120/- in the revised return of income. AO found capital gain is under valued capital gain. The AO made addition on account of unexplained cash credit u/s. 69A of the Act. CIT(A) has on an examination of facts at para 4.3 of his order come to conclusion that, the sale consideration of the property is ₹ 3,20,000/-. This could not be contradicted by the ld.DR. Hence, we uphold this finding. In our view the ld. CIT(A) rightly deleted the addition u/s. 69 of the Act. Hence, these grounds of the revenue are dismissed. CIT-A justification in directing the AO to consider the assessee’s claim of exemption u/s. 54 - Held that:- We find that the assessee sold land & building bearing new plot No. 2960, new Khata No. 145 measuring an area of 9.96 dcml. ( approx 6 kathas) situated at Kasidih, P.S Sakchi, Jamshedpur to Shri Jai Prakash Singh for a total consideration of ₹ 3,20,00,000/-, which was accepted by the CIT-A. There is no dispute with regard to sale consideration and receipt of above sale consideration by the assessee from the orders of AO and CIT-A. We are inclined to uphold the finding of the CIT-A in remanding the issue to the file of AO for verification of claim u/s. 54 of the Act. - Decided against revenue
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