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TMI Blog2022 (7) TMI 857X X X X Extracts X X X X X X X X Extracts X X X X ..... (1)(4) of the Grounds of appeal before him by not granting indexed cost of fair market value as on 01/ 4/1981. 2. On the facts and circumstances of the case, the learned CIT(A) erred in taking the cost of acquisition of the property of 24/12/1928 as basis of cost for the purpose of FMV as on 01/ 4/1981. 3. In any case, prior to the amendment in Section 55A of the Act, the position of law only allowed the department to enhance the fair market value as on 01/4/1981. Hence, the learned CIT(A) ought to have accepted the report of the registered valuer given by the assessee. 4. The appellant craves leave to add, alter or vary any of the grounds of appeal." 2. Perusal of record shows that the ld. CIT(A) passed the impugned order on 03/02/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... file appeal against the order of ld. CIT(A) dated 03.02.2017 before the Tribunal by raising the grounds that the assessee is eligible for indexation cost of asset. The ld. AR of the assessee submits that there is a reasonable cause for non-filing appeal before the Tribunal as the assessee was pursuing remedy under bonafide belief before ld CIT(A) and the time spent in such proceeding is liable to be excluded. There was no intentional or deliberate delay in filing appeal belatedly rather there is a chance that the assessee made suffer irreparable loss. The ld. AR submits that the Bench may take liberal view and condone the delay in filing the appeal. The assessee is really interested in pursuing his appeal on merit. The assessee has already ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... remedy based on the advice, thus the time period spent in pursuing remedy from 04/04/2017 till 01/06/2018 may be excluded. Considering the peculiar facts of the case, we find that there is no dispute that against the order giving effect dated 04/04/2017, the assessee filed appeal before the ld. CIT(A) which was dismissed vide order dated 31/5/2018. The copy of order giving effect by the Assessing officer took place at page No. 1 of the paper book and the order of ld. CIT(A) against the order giving effect dated 31/05/2018 is also placed at page No. 7-8 of the paper book. On perusal of said order, we find that the assessee was pursuing remedy, though no such remedy was available/maintainable to the assessee. We find that after dismissal of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r High Court in Faisal Hameed Vs ITAT & Anr (supra), we find that the assessee is able to show a reasonable cause for not filing the appeal within the period of limitation, therefore, the delay in filing the appeal is condoned. Now adverting to the merits of the case. 9. Briefly stated, facts of the case are that during the assessment, the Assessing Officer noted that the assessee has sold plot of land out of revenue survey No. 415, C.S. No. 2930 to 2939 and 2941 to 2967 admeasuring 1292 sq. meters at Desra, Taluka- Bilimora, District Navsari for a consideration of Rs. 81.00 lacs. The said property was acquired by predecessor of assessee on 24/12/1928 for a consideration of Rs. 6999/-. The Assessing Officer on further verification of regis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6999/- Indexed cost of 01.04.1981 = Rs.6999 x 785/100= Rs. 54,842/-" 10. The assessing officer worked out the difference of sale consideration at Rs. 3,67,74,724/- after deducting Rs. 54,842/- on the alleged value of property adopted by Stamp valuation authority (3,68,29,566 - 54,842= 376,74,724). Since the assessee is having 1/3rs share, accordingly, addition of Rs. 1.225 crore was added and addition of Rs. 1.225 crore was made. 11. On appeal before the ld. CIT(A), the assessee filed detailed written submission. In the meantime, the report of DVO was also received. The DVO determined the value of sale consideration at Rs. 81.00 lacs. On the basis of which, the ld. CIT(A) determined the long term capital gain of Rs. 26,81,719/- (81,00,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the property was acquired prior to 01/04/1981 by the predecessor in interest of assessee, thus the cost of acquisition for the purpose of indexation has to be taken from the year 1981, therefore, we direct the Assessing Officer to grant deduction on the basis of indexed value as on 01/04/1981. Needless to direct that before passing the order on this issue/claim, the Assessing Officer shall grant opportunity of hearing to the assessee and to pass the order in accordance with law. The assessee is also directed to provide complete details to the assessing officer and not to cause further delay. In the result, the limited submissions made by the assessee against various grounds of appeal raised by the assessee are allowed for statistical purp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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