SH. RAJINDER SINGH BEDI,CHANDIGARH vs. DCIT (INTL. TAXATION), CHANDIGARH

ITA 538/CHANDI/2022Status: DisposedITAT Chandigarh04 June 2025AY 2018-19Bench: SHRI RAJPAL YADAV (Vice President), SHRI MANOJ KUMAR AGGARWAL (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the Assessing Officer (AO) erred in adopting the circle rate for land value and reducing the covered area. The Tribunal directed the AO to use the rate of Rs. 15,000/- per sq.yd. for land, adopt the covered area at 3302.51 sq.ft., and the cost of construction at Rs. 821/- per sq.ft.

What were the facts?

The assessee, a Non-Resident Indian, sold an immovable property and disputed the calculation of Long Term Capital Gain. The dispute centered on the fair market value of the land as of April 1, 2001, the covered area of construction, and the cost of construction.

What were the issues?

The key issues were the correct determination of the fair market value of land as on April 1, 2001, and the accurate calculation of the covered area and cost of construction for computing Long Term Capital Gain.

Which sections of the Income-tax Act were involved?

Section 48,Section 143(3),Section 144C(13)

AI-generated summary — verify with the full judgment below

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

Before: SHRI RAJPAL YADAV & SHRI MANOJ KUMAR AGGARWAL

For Appellant: Shri Sudhir Sehgal, Advocate
For Respondent: Smt. Kusum Bansal, CIT, DR
Hearing: 09.04.2025Pronounced: 04.06.2025

PER RAJPAL YADAV, VP

The assessee is in appeal before the Tribunal against the assessment order dated 24.06.2022 passed u/s 143(3) read with Section 144C(13) of the Income Tax Act by Circle-I, International Taxation, Chandigarh.

2.

The assessee has taken eight grounds of appeal, however, his grievance revolves around a single issue, namely, A.Y.2018-19 2

as to how true Long Term Capital Gain required to be determined on sale of immovable house property bearing House No. 845 Sector 38-A, Chandigarh.

3.

The brief facts of the case are that assessee is a Non- Resident

The order continues below.

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