SANJEEV KUMAR MITTAL 3-J, BLOCK AREA, SHRI GANGA NAGAR-335001,RAJASTHAN vs. HARISH CHANDER MITTAL ACIT CIRCLE SRIGANGANAGAR CURRENT JURISDICTIONAL AO DCIT CC-II LUDHIANA, PUNJAB
Income Tax Appellate Tribunal, CHANDIGARH BENCH “B” CHANDIGARH
Before: SHRI MAHAVIR SINGH & SHRI KRINWANT SAHAYAssessment Year 2017-18
PER MAHAVIR SINGH – VICE PRESIDENT :
This appeal by assessee is arising out of order of learned Commissioner of Income Tax (Appeals)-5, Ludhiana (hereinafter referred as ‘the CIT(A)’, in Appeal
No.10503/Bikaner/IT/CIT(A)-5/Ldh/2019-20
vide order dated
19.03.2024. The assessment was framed by the Assistant Commissioner of Income Tax, Circle Sri Ganganagar under sections 143(3) of the Income Tax
Act, 1961 (hereinafter as ‘the Act’) vide order dated 27.12.2019 for Asst. Year
2017-18. 2. The only issue in this appeal of assessee is as regards to the order of CIT(A) confirming the action of the AO in adopting the deemed consideration under section 50C of the Act of the immovable property sold on 20.09.2016 at Rs.1,11,18,800/- and accordingly, assessing the Long Term Capital Gain
(LTCG).
A.Y. 2017-18
2
Brief facts are that the assessee filed his return of income for relevant A.Y. 2017-18 on 30.10.2017. During the course of assessment proceedings, the AO on perusal of details filed along with ITR, noticed that the assessee has declared Short Term Capital Gain of Rs.25000/- and accordingly, assessee was required to furnish details regarding this capital gain of Rs.25000/-. In reply, the assessee stated that he has sold a property i.e. No.SC-021-C admeasuring 500 sq. yards situated at 200 feet wide road in Narayan Vihar ‘O’ Phase 02 situated at Asarpura/Ganpatpura/Bhankrota, Ajmer Road, Jaipur to Shri Sanjay Chamria on 20.09.2016. The AO noted that the assessee has sold this plot to Shri Sanjay Chamaria for a sum of Rs.5,25,000/- on 20.09.2016. The assessee purchased this property through patta issued by M/s. Shree Salasar Overseas Pvt. Ltd. on 13.07.2012 for a sum of Rs.5,00,000/-. The Assessing Officer required the assessee to explain what is circle rate of this property on the date of sale i.e. 20.09.2016. As the assessee could not submit the circle rate, the Assessing Officer received information from Sub-