TMI Blog2023 (6) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... the return of income and the documentary evidences of property purchased and sold before the lower authorities. AR mentioned that the details were not available during that period and demonstrated the sale agreement of the flat at Thane of the paper book and the purchase agreement of new house property - evidence play important role in decision making in the adjudicating proceedings. Therefore assessee should not suffer for non filing of material information, as the evidences played vital role in decision making Accordingly, to meet the ends of justice, we set aside the order of the A.O. and restore the entire disputed issues along with the evidences and the revised computation of income claiming exemption of Long term capital gains o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he addition u/s. 68 without appreciating that section 68 does not apply to the facts of the case of the appellant. 5. The Ld. Assessing Officer erred in applying special rate of tax u/s. 115BBE to the addition made of Rs.61,00,000/-. That such action of Assessing Officer is purposefully done to escalate the demand and is totally unwarranted. 6. All of the above grounds are without prejudice to each other and the Appellant craves leave to add, amend, alter or delete any of the above grounds of appeal. 3. The brief facts of the case are that the assessee is a non-resident and has not filed the return of income u/s 139(1) of the Act for the Assessment Year 2014-15. The Assessing Officer (AO) has received information as per NMS(P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee's income for the year since as per the Revised Computation of Income which we are submitting herewith, there is no taxable income for the year. The assessee has filed his ITR on 30-5-2021 against notice issued u/s 148 declaring NIL income. During the AY 2014-15, two house properties were sold for Rs 1,30,00,000/- and Rs.61,00,000/- incurring a Capital Gain of Rs. 27,86,194/- and Rs. 17,07,095/- respectively totaling to Rs. 44,93,289/- Simultaneously, one house property has been purchased during the year at the cost of Rs 4,03,71,750/- for which substantial amount of payment was made during the year totaling to Rs. 1,42,83,137/- . (Agreement attached as Annexure D). Resultantly, there was no taxable income for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tey [1982] 136 ITR 3552 (Bom.). We are attaching the sale agreement for sale of flat valued at Rs.61,00,000/- (Annexure B) and purchase agreement (Annexure C) and the investment made in new flat purchased during the year (Annexure D). In view of above, you are requested to take the new submission on record and refrain from making any addition to the income of the assessee... 4. The AO was not satisfied with the information/ details filed and observed that the assessee has not offered the sale consideration of Thane flat sold and the assessee has claimed exemption u/s 54 of the Act in respect of Long Term Capital Gain ( LTCG ) arising from the sale of flat at Thane which is not tenable. The AO observed that since the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to file the details/ information before the lower authorities. Per contra, the Ld.DR submitted that the transactions were not established with evidences before the lower authorities and the Ld. DR supported the order of the lower authorities. 6. We have heard the rival submissions and perused the material available on record. The sole matrix of the disputed issue envisaged by the Ld.AR that during the FY 2013-14 the assessee has sold two residential flats, one at Kandivali and other at Thane. Whereas in the return of income filed in compliance to notice under section 148 of the Act, the assessee could not include LTCG arising on the sale of flat at Thane. Therefore, the assessee has claimed exemption of LTCG u/sec 54 of the Act on sale o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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