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2018 (3) TMI 382

13.05.2005 is not the basis of the AO to initiate the proceedings u/s 147/148 of the Act therefore, in the absence of the leave of the Tribunal to raise a fresh ground which is altogether setting up a new case and also purely factual in nature, adjudication of the same requires investigation of the facts first time pleaded by the assessee at this stage, the same cannot be allowed. Hence, we reject the ground No. 2(iii) of the assessee’s appeal and the same is not arising from the impugned orders of the authorities below - Index cost of acquisition being fair market value of the asset as on 01.04.1981 and full value consideration as per the provisions of section 50C - Held that:- Since, the issue of assessability of capital gain in the y .....

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IT(A) has not given any findings on correct submission of assessee. i) The Learned CIT(A) has wrongly confirmed addition of long term capital gain of ₹ 2,87,252/- after applying wrongly adopted indexed cost by A.O. for the 1/3d sale proceeds of property Plot No. 5, Hathi Babu Ka Bagh, Station Road, Jaipur on the evaluated value adopted by Sub-Registrar, Jaipur. ii) The Learned CIT(A) has not considered the value taken by the assessee as on 1.4.1981 of ₹ 70,825/- for said property and after indexed cost value of property comes to ₹ 3,39,960/- in which no capital gain will be chargeable in correct prospective. iii) That the Learned CIT(A) & Learned Assessing officer has assessed capital Gains in A.Ý. 2005-06 by ig .....

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pressed. The ld. DR has raised no objection if ground no. 1 of the assessee s appeal is dismissed as not pressed. Accordingly the ground no. 1 of the assessee s appeal is dismissed being not pressed. 3. The assessee has raised the issue of assessability of capital gain from sale of capital asset in question in the year under consideration in ground No. (iii) to (v) of the grounds of appeal. Since, this issue raised by the assessee goes to the root of the matter regarding the capital gain arising from transfer of the capital asset is assessable in the year under consideration or for the assessment year 1976-77 as claimed by the assessee or in the assessment year 2004-05 as the sale deed in question was executed on 04.03.2004 which fall for t .....

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147/148 to assess the income being capital gain escaped from assessment on the basis of the information of transfer of the capital asst by the assessee along with the other coowners through sale deed therefore, this fact of sale deed dated 04.03.2004 was very much in the knowledge of the Assessing Officer. Though the assessee did not raise this issue before the authorities below however, this very fact is the sole basis of reopening of the assessment then, the Assessing Officer was required to take into consideration the same while framing the reassessment. Since, the assessee did not raise this issue before the ld. CIT(A) therefore, same could not be examined by the ld. CIT(A) while passing the impugned order. Having regard to the facts a .....

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