SHIVPRAKASH RAMCHARAN SHARMA,AHMEDABAD vs. THE ITO, WARD-1(2)(4), AHMEDABAD

This is an appeal filed against the order dated 17-10- 2023 passed by National Faceless Appeal Centre (NFAC), Delhi for assessment year 2012-13.

The grounds of appeal

The assessee is an individual and filed return of income for assessment year 2012-13 on 19-03-2023 declaring total income of Rs. 1,87,040/-. The Assessing Officer received information that the assessee sold immoveable property of Rs. 30,09,925/- on 15-09-2011. However, the jantri value of the property or the stamp value of the property is Rs. 41,20,925/- and the assessee paid the stamp duty of Rs. 2,02,000/-. The Assessing Officer held that it attracts section 50C of the Act. Based on the said information, the assessee’s case was reopened u/s. 147 of the Act and notice u/s. 148 of the Act was issued to the assessee on 29-03-2009. During the assessment proceedings, the assessee did not make any compliances and hence assessment order was passed u/s. 144 r.w.s. 147 on 09-12-2019 determining the total assessed income at Rs. 43,07,965/-. The Assessing Officer made addition of Rs. 11,11,000/- on account of difference of sale consideration u/s. 50C of the Act and Rs. 30,09,925/- on account of capital gain not offered.

Being aggrieved by the assessment order, the assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee.

The ld. D.R. relied upon the assessment order and the order of the CIT(A).

We have heard both the parties and perused all the relevant material available on record. It is pertinent to note that the assessee though has not filed any documentary evidences or clarifications regarding the difference of sale consideration amounting to Rs. 11,11,000/- u/s. 50C of the Act, the assessee in Form 35 filed before the CIT(A) has mentioned that as per the sale deed, the initial consideration was fixed at Rs. 11,11,000/- first part of such consideration was received by the assessee on 23-01-2023 of Rs. 1,75,000/-. Further, consideration was also received between 23-01-2003 and 29-05-2011 as is discernible from the sale deed considered by the Assessing Officer. These issues need to be verified and hence the issue is remanded back to the file of the CIT(A) for proper adjudication and verification of the issues on merit. The assessee is directed to file the relevant details before the CIT(A). The CIT(A) will adjudicate the issue as per Income Tax Act verifying the details given by the assessee. There is a delay of 431 days for which the assessee has filed the affidavit for delay condonation and the reason stated therein appears to be

In the result, the appeal of the assessee is partly allowed for statistical purposes.