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TMI Blog2022 (12) TMI 642X X X X Extracts X X X X X X X X Extracts X X X X ..... te issuance of notice of hearing in the address given in the appeal memo. Since, the assessee has been given multiple opportunities of representation, which he has failed to avail. We proceed to dispose off the appeal ex-parte qua the assessee after hearing Learned Departmental Representative and based on materials available on record. The grounds raised by the assessee are as under: 1. "On the facts and circumstances of the case and in law the Ld.CIT(Appeals) was incorrect and unjustified in making an addition of Rs.4,12,812.00 in Long Term Capital Gain on the ground that as the builder buyer agreement was dated 19.07.2010 thus indexation to be done from financial year 2010-2011 though the flat payments were being made since April 2007. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the installment was paid. The Assessing Officer was of the view that as per the Explanation III to Section 48 of the Act, the cost inflation index would be the year in which the asset was held by the assessee. 4. Keeping in view such provision, the Assessing Officer called upon the assessee to furnish a copy of the registered deed of transfer issued by the builder to demonstrate the date on which the asset was possessed by the assessee. On going through the agreement dated 19.07.2010, the Assessing Officer was of the view that the date of agreement has to be treated as the date of acquisition of the asset both for the purpose of deciding whether the gain is long term or short term and for indexation benefit as well. Thereafter, relying up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the discussion of the departmental authorities in their respective orders, the assessee has claimed indexation benefit from the fast installment paid towards purchase of flat in pursuance to allotment letter issued by the builder. However, the agreement between the assessee and the builder for transfer of ownership rights was excluded on 19.07.2010 whereas, the assessee has claimed the indexation benefit from 2007. The departmental authorities have allowed indexation benefit from the date of transfer of ownership agreement by relying upon a decision of the Hon'ble Jurisdictional High Court in case of Gulshan Malik vs. CIT (supra). The assessee has failed to bring on record any material or legal proposition to controvert the finding of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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