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Income Tax Appellate Tribunal, KOLKATA BENCH “SMC” KOLKATA
आदेश /O R D E R The captioned appeals have been preferred by both the assessees against the separate orders dated 21.09.2020 & 24.09.2020 of the Commissioner of Income-tax -577/Kol/20 A.Y 2015-16 Lakshmis Ramachandran vs. ACIT, Cir-29 Kol Bhanumathi N. Iyer vs. ITO Wd-29(1), Kol. Page 2 (Appeals)-8, Kolkata [hereinafter referred to as ‘CIT(A)’]. Since issue involved in both the appeals is identical, hence, these appeals are taken together for hearing and are being disposed of with the common order.
None has appeared on behalf of assessees despite notice of hearing. A perusal of the case files reveal that even no one had appeared before the Ld. CIT(A) also. In view of this, the matter is disposed of on merits after hearing the Ld. DR and after going through the case files. A perusal of the assessment order as well as the appellate order of the Ld. CIT(A) reveals that the sole issue raised in both the appeals is relating to the market value of the property sold by the appellants for the purpose of assessment of capital gains on the said sale of property. The facts for the sake of convenience and brevity are taken from ITA No.576/Kol/2020.
The appellants are sisters. Both the assessees owned a joint property which was sold for a consideration of Rs.52 lakh and each of the assessee got 50% share out of sale proceeds. At the time of registration, the registering authority had put the price at Rs.87,55,000/-. Thereafter the appellant at their own had got a valuation done from the registered valuer who estimated the value at Rs.65,22,000/-. The assessee accordingly offered capital gains as per their half shares taking the above valuation. Thereafter the income of both the assessees was assessed accordingly.