TMI Blog2019 (8) TMI 1453X X X X Extracts X X X X X X X X Extracts X X X X ..... the case, after providing due opportunity to the assessee. Both these appeals filed by the assessee are disposed of in accordance with aforesaid direction. We explicitly clarify that the assessees will be at liberty to approach ITAT for restoration of the appeals in accordance with proviso to Rule 24 of Income Tax Appellate Tribunal Rules, 1963. If the assessee(s) do approach the Tribunal for restoration of the appeals, the matter will be considered in accordance with law as well as facts and circumstances. - ITA No:- 6390/Del/2016, ITA No:- 6392/Del/2016 - - - Dated:- 8-8-2019 - Shri H.S.Sidhu, Judicial Member And Shri Anadee Nath Misshra, Accountant Member Appellant by None. Respondent by Shri Surender ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to explain the sale of property/capital gain u/s 133(6) vide inquiry letters dated 26.12.2013 reminder dated 23.01.2014 duly served upon him. But assessee has failed to furnish any explanation despite several opportunities given to him. It is, thus, presumed that assessee has no explanation in the matter. The land measuring 9 Acre 4 Kanal 12 Marla in village Uchana, Karnal was owned by the assessee. The rate of land in Village Uchana was approx. ₹ 1,00,000/- per acre in the year 198182. Accordingly the cost of acquisition of the land in question measuring 9 Acre 4 Kanal 12 Marla in village Uchana works out to ₹ 9,50,000/-. Hence, the indexed cost of acquisition works out to ₹ 49,30,500/-. Thus, the LTCG works o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aluation certificated dated 24.04.2014 and detailed valuation report dated 11.08.2014 from the Govt. approved valuer in support of his claim that he has made investment in purchase of agriculture land, purchase a plot and constructed a house which are placed on record after due verification. Assessee has, thus, claimed exemption u/s 54B and 54F in respect of whole amount of capital gain. I have carefully considered the reply filed by the assessee. The facts and circumstances of the case laws filed by the assessee and the facts of the case of the assessee are distinguishable. Hence, the contentions put forth by the assessee are not acceptable in toto. As per provisions of Section 54B of the I.T.Act, 1961, exemption is allowable on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capital gain of ₹ 1,42,91,610/- (3,33,69,500 (-) 1,90,77,890) is added to the income of the assessee on account of undisclosed Long Term Capital Gain. I am fully satisfied that the assessee has furnished inaccurate particulars of income regarding Long term Capital Gain, penalty proceeding u/s 271(1)(c) are initiated on wrong claim of exemption u/s 54B and 54F of the I.T.Act, 1961. ITA No:-6392/Del/2016 [In the case of Late Shri Ram Sarup] (Assessment Year: 2007-08) 2. The notice under section 148 was issued after recording the following reasons. As per the information available from Deputy Director of Income Tax (Investigation), Panipat, Sh. Ram Sarup, S/o-Sh.Data Ram, Vill.Uchana has sold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 007-08 and liable to tax. Assessee was required to explain the above. Assessee has filed reply and explained that Shri Ram Sarup has expired on 09.01.2007. The copy of death certificate is submitted. In his reply the amount of Long Term capital Gain is worked out at ₹ 1,76,31,457/-. It is further explained that the assessee has four legal heirs i.e. two sons and two daughters namely Shri Rampal Sharma, Shri Sudesh Sharma, Smt. Sunita and Smt. Pushpa. Since the assessee had expired immediately after the sale transaction, therefore, all the agricultural land purchases and construction of houses were made in the name of legal heirs of the assessee and becomes eligible for exemption. Assessee has explained that agricultural la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... investment in construction of residential house of ₹ 90,29,337/- only is allowable. The remaining amount of capital gain of ₹ 86,02,120/- (1,76,31,457 90,29,337) is added to the income of the assessee on account of undisclosed capital gain. 2. Both the assessees filed appeals before Ld. CIT(A), Karnal. Vide separate orders, each dated 07.10.2016 in the case of aforesaid two assessees, Ld.CIT(A) dismissed the appeals of both the assessees. 2.1. The present appeals before us, filed by the two assessee in ITAT against the aforesaid impugned orders, each dated 07.10.2016. At the time of hearing before us, the two assessees were not represented. Ld. DR submitted that disputed issues in both the appeals may be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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