9911796707
TMI Blog2024 (3) TMI 662X X X X Extracts X X X X X X X X Extracts X X X X ..... acts, circumstances and material, the assessment was made u/s 143(3) and the claim of the appellant was accepted, tantamounting to change of opinion. b) The Learned CIT(A) erred in confirming reassessment, when it was time barred as made beyond the period of 4 years. c) The Learned CIT(A) erred in confirming reassessment, when there was no information available with the A.O and there was no case of Income escaping assessment. 2. a) The Learned CIT(A) erred in law and facts in confirming the disallowance of interest paid of Rs. 8,51,107/- by holding that the interest paid was directly not attributable to transfer of asset nor part of cost of acquisition/improvements. b) The Learned CIT(A) erred in not giving reason for confirmation o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 146 days is condoned. 3. The brief facts qua the issue raised is that assessee is an individual who had filed its return of income on 14/09/2011 declaring total income of Rs. 20,91,879/-. Later on, the return was revised on 17/10/2012 at Rs. 9,76,290/-. Thereafter, assessee's case was selected for scrutiny and assessment was passed u/s. 143(3) vide order dated 31/03/2013 determining total income of Rs. 9,76,292/-. Thereafter, assessee's case has been reopened u/s. 147. The issuance of notice u/s. 148 dated 21/03/2018 on the following reasons recorded:- "1. In the above case, Return of Income was filed on 14.09.2011 declaring total income of Rs. 19,76,880/-. Subsequently Revised Return of Income was filed on 17.10.2012 declaring a total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd sanction to issue notice u/s. 148 in the light of proviso to sub-section (2) of the section 151 of the I.T. Act, 1961. Submitted for kind perusal and necessary approval. 4. After receiving the notice u/s. 148 and the reasons recorded, assessee raised objections stating that during the course of assessment proceedings, ld. AO had called for the details of capital gains declared during the year vide letter dated 16/12/2013 and 26/12/2013 wherein all the details were furnished regarding computation of capital gain and the claim for deduction made alongwith evidence. Assessee also produced the details of loan taken for the acquisition of the property alongwith interest. It was only after verification of all these documents, ld. AO has acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the computation of short term capital gain which reads as under:- 4. The main issue involved, the assessee along with spouse sold property on 27/12/2010 which has been purchased on 30/12/2009 and offered STCG of Rs. 16,973/-. While calculating STCG assessee has claimed an amount of Rs. 8,51,107/- being interest and loan processing charges on loan. A show-cause notice issued vide letter dated 09/10/2018 stating that why STCG should not be reworked in view of the following facts: 4.1 on verification of records, it is seen that the assessee had purchased property on 30/12/2009 along with spouse for a total consideration of Rs. 3,50,00,000/- The same was sold on 27/12/2010 for consideration of Rs. 3,85,00,000/- and accordingly worked o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record. It has been pointed out before us that assessee during the course of assessment proceedings has given detailed working of short term capital gain on sale of flats and in the computation of short term capital gain, assessee has also taken loan processing charges and loan repayment charges, interest payment etc., before the ld. AO. In response to specific query raised, assessee had given the details vide letter dated 16/12/2013 and again on 26/12/2013 alongwith statement of computation of the short term capital gain on the sale of property which was in the co-ownership of her husband Troy Caeiro. After examining these details and computation of short term capital gain, ld. AO has accepted the claim of the assessee and the short term c ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
