Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (4) TMI 281 - ITAT MUMBAIComputation of capital gain on sale of land - cost of acquisition of shares in the hands of the sister - unwarranted computation of capital gains at an inflated figure - HELD THAT:- We find that assessee has not made any fresh claim before the learned Assessing Officer but merely asked to correct wrong punching of the data of the cost of acquisition in the computation of the total income. According to us, only the correct income of the assessee should have been charged to tax. CIT(A) also did not consider the above claim on merit despite submitting the copy of account of cost of acquisition of those shares from the books of the sister of the assessee. The assessee has submitted that correct cost of acquisition is ₹ 20,25,000/- as shown in that account. The ledger account is also reproduced by the learned CIT(A) in his order but he did not consider the same. We find that the order of the learned CIT(A) itself shows that there is a confirmation available from the sister of the assessee about the correct cost of acquisition of these shares - no further proof is required. In the result, we find that the claim of the assessee is correct and therefore, we restore the grounds of appeal before the learned AO with a direction to compute the capital gain on sale of share of M/s. Liberty Urvarak Ltd. by taking the cost of acquisition of those shares at ₹ 20,25,000/- instead of ₹ 2,02,500/-. Accordingly, the orders of the lower authorities are reversed and appeal of the assessee is allowed.
|