9911796707
TMI Blog2021 (2) TMI 345X X X X Extracts X X X X X X X X Extracts X X X X ..... the learned CIT(A has erred in upholding action of The AO of assessing Long term Gain at Rs. 14,65,063/- in the hands of the appellant, as against taxable Gain of Rs. 1,33,363/- worked out and assessed 1 the AO in case of other co-owners having equivalent interest in the same property, who assessment has been framed U/s. 143(3) by the same AO. 2. On the facts and circumstances of the case as well as law on the subject, the learned CIT( has erred in giving direction to Assessing Officer to refer the matter to DVO for determining the value of property as of 01/04/1981. 3. On the facts and circumstances of the case as well as law on the subject, the learned CIT has erred in considering the Report of DVO for determining the value of propert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. The assessee received consideration of his share of Rs. 12,50,000/- on which the assessee worked out the Long Term Capital Gain of Rs. 1.58 lakhs. The AO in order to verify the correctness of claim made enquiry from Sub- Registrar concerned. The Sub-Registrar concerned informed that as per Stamp date Valuation, the value of property determined at Rs. 4.09 crores against the sale consideration of Rs. 2.00 crores. The AO on the basis of valuation of property valued by Stamp Valuation Authority treated the sale consideration of assessee's shares at Rs. 25,56,314/- against the sale consideration received by the assessee of Rs. 12,50,000/-, accordingly, the AO worked out Long Term Capital Gain on the basis of Stamp Valuation Authority. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evenue cannot treat the assessee indifferently. In support of his submission the AR relied upon the decision of Madras High Court in CIT Vs. Kumar Rani Meenakshi Achi (207) 292 ITR 624 (Mad), decision of Ahmedabad Bench in Chetanbhai Prahaldbhai Gami Vs. ITO (ITA No. 2082/Ahd/2013) dated 19.07.2019 and CBDT Circular No.014(XL-35) dated 11.04.1955 6. On the other hand, the ld. DR for the Revenue supported the order of Lower Authorities. 7. We have considered the submission of both the parties and gone through the orders of Lower Authorities carefully. We have also deliberated on various case laws relied by the AR of the assessee. Before us, the AR of the assessee vehemently submitted that in assessee's co-owner case, the revenue has accep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are of 6.25% in the property sold for Rs. 2,00,00,001/- on 19.01.2009 situated at Survey No.86, Lunsikui, Navsari. Value of property as per stamp duty valuation was determined at Rs. 4,09,01,000/- . The assessee has not declared capital gain as he has not filed Return of Income for AY 2009-10 . The said property was inherited by the assessee. The assessee has submitted valuation report of the property from Govt. Approved Valuer who has arrived value of property at Rs. 66,61,020 as on 01.04.1981. The value of the assessee's share comes to Rs. 4,16,314. Indexed cost as per section 48 of the Act is worked out at Rs. 24,22,947/-. As per stamp duty authority the assessee's share being 6.25% of sale value in the property comes to Rs. 25,56,310/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hority the assessee's share being 6.25% of sale value in the property comes to Rs. 25,56,310/-. Thus capital gain comes to Rs. 1,33,363/-, which was taxable in the hands of the assessee. The capital gain of Rs. 1,33,363 has now been shown by the assessee in the Return of Income filed in response to notice u/s 148 of the Act. However, the assessee has not declared suo moto Long Term Capital Gain as he has not filed return of Income. The assessee has consciously not filed return of income to avoid payment of tax. Therefore, Penalty proceedings u/s. 271(1)(c) of the Act are initiated on this issue for concealment of income." 11. In view of the above aforesaid factual and legal discussion and respectfully following the decision of Madras High ..... X X X X Extracts X X X X X X X X Extracts X X X X
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