CHARANJEET SINGH LABANA,AMBALA vs. INCOME TAX OFFICER, WARD-3, AMBALA

ITA 512/CHANDI/2026Status: DisposedITAT Chandigarh19 August 2026AY 2012-138 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the registered purchase document of the property by the assessee's father is a material document for determining the cost of acquisition. The matter was restored to the Assessing Officer for recomputation of capital gain after examining the purchase deed and allowing indexation.

What were the facts?

The assessee's share of Rs. 15,00,000/- from the sale of property was treated as Long Term Capital Gain by the AO without granting the benefit of cost of acquisition and indexation. The property was originally purchased by the assessee's father.

What were the issues?

Whether the benefit of indexation on the cost of acquisition in the hands of the previous owner (father) should be allowed for computing capital gains. Whether the matter should be restored to the AO for fresh adjudication based on newly produced documents.

Which sections of the Income-tax Act were involved?

Section 147,Section 143(3),Section 54B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DIVISION BENCH, ‘A’ CHANDIGARH

Before: SHRI LALIET KUMAR & SHRI VIJAY VARMA

For Appellant: Shri Jagdish Kumar, Advocate
For Respondent: Shri Vivek Vardhan, Addl. CIT Sr.DR
Hearing: 18.08.2026Pronounced: 19.08.2026

PER LALIET KUMAR, JM

This is an appeal filed by the assessee feeling aggrieved by the order passed by the ld. Commissioner of Income Tax (Appeals), Mysore [in short ‘the CIT (A)’] dated 06.01.2026 passed for assessment year 2012-13. 2. The facts of the case are that the assessee had originally declared total income of Rs.2,22,450/-. The assessment was reopened under section 147 of the Income-tax Act, 1961 on the ITA 512/CHD/2026 A.Y. 2012-13 2 basis of information regarding sale of immovable property during Financial Year 2011-12. The Assessing Officer

The order continues below.

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