9911796707
TMI Blog2020 (7) TMI 327X X X X Extracts X X X X X X X X Extracts X X X X ..... n individual, who filed his return of income for the year under consideration originally on 05.09.2012 declaring total income of Rs. 4,80,516/-. The said return was initially processed by the Assessing Officer under section 143(1) of the Act on 19.08.2013. Subsequently it was, however, noticed during the course of scrutiny proceedings of Shri Samaresh Mondal, brother of the assessee for A.Y. 2012-13 that the said Shri Samaresh Mondal and assessee had jointly sold the immovable property owned by them during the year under consideration and both of them had failed to declare the said transaction in their returns of income filed for the year under consideration. It was also noticed that the proportionate share of the assessee out of the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ined the fair market value of the assessee's property as on 01.04.1981 at Rs. 10,913/- per acre. By adopting the said valuation, the indexed cost of acquisition of the property was worked out by the Assessing Officer at Rs. 18,416/- and after deducting the same from the assessee's share of sale consideration amounting to Rs. 13,02,661/-, long-term capital gain of Rs. 12,84,245/- was assessed by the Assessing Officer in the hands of the assessee in the assessment completed under section 143(3)/147 of the Act vide an order dated 27.12.2016. 3. Against the order passed by the Assessing Officer under section 147/143(3) of the Act, an appeal was preferred by the assessee before the ld. CIT(Appeals) and since the submissions made on behalf of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the property as on 01.04.1981 taken by him were not properly appreciated either by the Assessing Officer or by the ld. CIT(Appeals). He has contended that a similar issue involved in the case of co-owner Shri Samaresh Kumar Mondal, brother of the assessee, has already been sent back by the Tribunal to the Assessing Officer for reconsideration vide its order dated 27.06.2018 passed in ITA No. 1276/KOL/2017 and urged that the case of the assessee may also be sent to the Assessing Officer for deciding the same afresh after taking into consideration the objections raised by the assessee. A perusal of the order of the Tribunal dated 27.06.2018 passed in the case of Samaresh Kumar Mondal, however, shows that a similar issue involved in the s ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
