BHISHAM SINGH YADAV,GHAZIABAD vs. ITO, WARD- 5(1), GHAZIABAD

O R D E R PER PRASHANT MAHARISHI, A. M. 01. This appeal is filed by the assessee against the order of the learned Commissioner of Income Tax (Appeals) – 2, Noida dated 20/12/2017 for Assessment Year 2009 – 10 raising several grounds of appeal

. The learned Commissioner Of Income Tax Appeals has confirmed the order of the learned Assessing Officer wherein the addition of Rs. 4687500/-being one half share of the assessee on sale of property was charged to capital gain by the learned Assessing Officer vide order dated 8/11/2016 u/s 147 read with section 144 of The Income Tax Act 1961 for that year.

02. The learned Assessing Officer received AIR information in case of the assessee that he has sold an immovable property for ₹ 9375000/– jointly with Sri Jaiveer Singh during the financial year 2008 – 09 but has not paid taxes on capital gains arising on the said transaction. Therefore, the case of the assessee was reopened u/s 147 and notice under section 148 was Page | 1 issued on 18/3/2016. Further the notice under section 142 (1) of the act was also issued to the assessee requiring him to file return of income but assessee has neither filed a return of income nor made any compliance of notice. Therefore, the learned assessing officer passed in assessment order on 8/11/2016 assessing the total income of the assessee at ₹ 4687500 holding that the assessee has earned the short-term capital gain on the sale of the above property.

3. The assessee aggrieved with the order of the AO preferred an appeal before the learned CIT (A) who also confirmed the action of the learned assessing officer however, he granted the deduction of the cost of acquisition after indexing.