VITHALDAS TRIBHUWANDAS BAGADIYA,JALNA vs. INCOME TAX OFFICER, WARD-1, JALNA, JALNA

This an appeal filed by the assessee against the order of ld.Commissioner of Income Tax(Appeals)[NFAC] under section 250 of the Income Tax Act, 1961 for A.Y.2009-10 dated 18.05.2023 emanating from the assessment order under section 144 r.w.s 147 of the Income Tax Act, 1961 dated 17.03.2016 for A.Y.2009-10.

Heard both the parties and perused the records. Vithaldas Tribhuwandas Bagadiya [A]

The assessee is an individual having income from salary and other sources. The assessee had filed return of income for A.Y.2009-10 under section 139(1) of the Income Tax Act, 1961 on 26.10.2010 declaring total income at Rs.4,85,410/-. The Assessing Officer(AO) received information that Government of Maharashtra through Land Acquisition Officer, Jalna had acquired land of the assessee for the purpose of setting up Industrial Zone. The Land Acquisition Officer, had awarded compensation to the assessee of Rs.3,11,38,075/- for the assessee’s Land at Gat No.22, Village Nagewadi, District Jalna. The AO accordingly initiated proceedings under section 148 of the Act by issuing notice under section 148 of the Act dated 20.06.2014 for A.Y. 2009-10. The AO completed ex-party assessment and calculated the Long Term Capital Gain at Rs.1,53,52,952/-. Aggrieved by the assessment order, assessee filed appeal before the ld.CIT(A). The ld.CIT(A) upheld the assessment order, ignoring the submission of the assessee which has been reproduced by the ld.CIT(A) in the order.