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TMI Blog2022 (3) TMI 646X X X X Extracts X X X X X X X X Extracts X X X X ..... d others had sold land to M/s. Green Valley Housing & Land Development Pvt. Ltd. for which the total consideration was Rs. 15,26,50,000/- and the assessee's share worked out to Rs. 2,18,17,708/-. Since the land was situated within the Municipal limits of Faridabad, the land was a capital asset within the meaning of Section 2(14)(iii)(a) of the Act and that assessee had not filed the return of income declaring the said consideration. Accordingly, notice u/s. 148 of the Act was issued and served on the assessee. AO has noted that none appeared on behalf of the assessee. He therefore passed the order u/s. 144 of the Act vide order dated 29.10.2010 and determined the total taxable income of Rs. 2,18,17,708/-. 4. Aggrieved by the order of A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. That the Ld. Commissioner of Income Tax (Appeals) is not right in confirming the impugned order framed by assessing officer in treating the indexed cost Rs. 5,00,000/- on estimated basis by stating "subject to change" and not considered market value as on 01-04-1981 of agricultural land & old house. 4. That the Ld. Commissioner of Income Tax (Appeals) and the Ld. Assessing Officer have erred in calculating correct taxable income and correct indexed cost of agricultural land and old house inherited from parents. 5. That the Ld. Commissioner of Income Tax (Appeals) is not right in conforming the impugned order framed by the Assessing Officer who has not considered the deductions/exemptions allowable under the head Capital gain. 6. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l the above grounds are without prejudice to each other. PRAYER It is therefore prayed that the appellant may kindly be given an opportunity to present the case with all facts information & documents before the Ld. Assessing Officer." 6. Before us, Learned AR on Ground No. 1 submitted that assessee is a small farmer owning small agricultural land and was not aware about the intricacies of income tax law. He submitted that assessee had submitted all the required documents and information to his Chartered Accountant Mr. Shyam Sunder Mangla to appear before the authorities on behalf of the assessee. He submitted that the Chartered Accountant did not perform his duties as expected of a professional and therefore there was no proper represe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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