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Shri Pravinbhai Mafatlal Joshi Versus ITO, Ward 13 (3) , Ahmedabad

2018 (1) TMI 237 - ITAT AHMEDABAD

Revision u/s 263 - assessment was completed without making proper inquiry as to the correct quantum of capital gains and correct hands in which it was chargeable - Held that:- It was stated by the appellant that property was purchased from joint family funds under an agreement dated 03.07.1980 for ₹ 64,750/- from Manjulaben D/o. Maganlal Narayandas and even possession was also taken. Therefore, the cost of acquisition of the said property should be taken at its FMV as on 01.04.1981 at S .....

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cquisition at ₹ 50,000/-. - We set aside the order of the ld. CIT and remit this matter back to the file of the AO to examine whether appellant was in possession of property on 03/07/1980 or was not. The appellant is also directed to file the relevant documents in support of his contention before the AO and thereafter, matter will be decided by the AO as per law. - Decided in favour of assessee. - ITA No.1039/Ahd/2013 - Dated:- 2-1-2018 - SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI .....

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egal, unlawful and against the principles of natural justice. 1.2 The Ld. CIT has grievously erred in law and or on facts in not considering fully and properly the submissions made and evidence produced by the appellant. 2.1 The Ld.CIT has grievously erred in law and on facts in holding that the order of asstt. passed u/s.143(3) on 19.10.2010 by AO was erroneous and prejudicial to the interest of the revenue so that the proceedings initiated u/s.263 were justified. 2.2 That in the facts and circ .....

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₹ 39 lakhs paid on 18.03.2008 as per sauda chitti due to cancellation of deed were required to be verified. It is, therefore, prayed that the order passed by the CIT may kindly be cancelled. 2. The brief facts of the case are that in this case, return of Income was filed on 29/01/2009 declaring total income of ₹ 3,22,080/- for A.Y. 2008-09. The case was selected for scrutiny as per CASS and consequently the assessment u/s.143(3) was finalized on 19/10/2010 at total assessed Income at .....

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the assessee. The daughter of the assessee Ms Deepti Joshi has attended from time to time and filed submissions along with documents in support of her contentions. On verification of case records and documents it is seen that the assessee and his family has sold property and received total consideration of ₹ 59,06,350/- on 17/03/2008 out of which assessee's share was 1/6th in the said consideration i.e. ₹ 9,84,390/-. Further on verification of sale deed, it was noticed that the p .....

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cost of acquisition the same proportion as cost of inflation index for the year in which the asset is transferred bears to the cost inflation for the first year in which the asset was held by the assessee or for the year beginning on the 1st day of April, 1981 whichever is later," In this case, assessee should have considered the computation of indexed cost of acquisition on ₹ 50,000/- for the year 1999-2000 (i.e. 1st year in which the property is held by the assesses.) Cost of acquis .....

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234C ₹ 13,870/-. Total short levy of tax and interest comes to ₹ 58,563/-. The AO had to verify this issue thoroughly before completing the assessment. It is further noticed that the property in question was purchased by Smt. Bakulaben wife of the assessee & thereafter there is a correction made & the property in registered in the name of 5 more family members jointly which also includes the assessee. This issue has remained unverified hence, facts are not reflected in the as .....

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ngly accepted without supporting for indexation of cost inflation index for the year 1981, while finalizing the assessment. In the same year the assessee has purchased another property valuing to ₹ 70,00,000/- (Rupees Seventy Lacks only) through a Sauda Chitti which is found on record. The assessee has made a payment of ₹ 39,00,00/- (Rupees Thirty Nine Lacks only) on 18/03/2008 and as per Sauda Chitti he is to make the remaining payment by 30/06/2009. The assessee has submitted that .....

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ection 263 of the I.T. Act, 1961, the assessment order dated 19/10/2010 is set aside. 3. Against the said order assessee is before us. 4. We have gone through the relevant record and impugned order. In this case, the appellant is an individual and derives income by way of pension, interest etc. He had filed his return of income for A.Y.2008-09 declaring total income of ₹ 3,22,080/-. The AO completed regular asstt. u/s.143(3) on the total income of ₹ 3,36,730/- after calling for vario .....

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