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2014 (3) TMI 494 - AT - Income TaxDenial of LTCG – Difference in interest – Held that:- The opinion that the additions made by the AO in the case of the appellant under the head Long Term Capital Gain by importing the Circle rate, do not stand the test of judicial scrutiny – the decision in Navneet Kumar Thakkar. Versus Income-tax Officer, Ward – 4 [2007 (3) TMI 317 - ITAT JODHPUR] followed - The issue has not been discussed by the AO - Revenue was required to address as to what was the basis of the adoption of the Circle rate of Rs.16,100/- per sq. mtr. by the AO - the assessment order is silent on this very vital relevant fact - revenue fairly conceded that in the absence of anything else she would merely rely upon the AO and was not in a position to add anything else in support of the departmental ground – there is no reason to interfere in the order – Decided against Revenue.
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