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Income Tax Appellate Tribunal, KOLKATA ‘C(SMC
Before: Shri P.M. Jagtap, Vice-
This appeal filed by the assessee is directed against the order of ld. Commissioner of Income Tax (Appeals)-13, Kolkata dated 15.01.2019 passed ex-parte, whereby he dismissed the appeal of the assessee for non-prosecution.
The assessee in the present case is an individual, who entered into an agreement alongwith other co-owners with a builder M/s. Saraf Real Estate Limited for construction and development of their property at 2/3, Judges Court Road, Kolkata. The long-term capital gain arising from the said transaction was declared by the assessee during the relevant years including the year under consideration. On the basis of the information that the DVO had estimated the cost of the property as on 01.04.1981 on a Assessment Year: 2010-2011 Shashi Shekhar Saraf lower side in the case of one of the co-owners and keeping in view that the assessee had not paid long-term capital gain by adopting the sale consideration of flats on the basis of stamp duty valuation as per section 50C of the Income Tax Act, the assessment for the year under consideration was reopened by the Assessing Officer and a notice under section 148 was issued by him after recording the reason. In reply, a letter was filed by the assessee requesting that the return of income originally filed by him for the year under consideration on 29.09.2010 may be treated as the return filed in response to the notice under section 148. During the course of assessment proceedings, a request was made by the assessee to the Assessing Officer for getting the property re-valued by the DVO. This request of the assessee was not found acceptable by the Assessing Officer and by adopting the fair market value of the property as estimated by the DVO as on 01.04.1981, he recomputed the capital gain chargeable to tax in the hands of the assessee for the year under consideration, which resulted in the addition of Rs.1,94,826/-.
The addition of Rs.1,94,826/- made by the Assessing Officer to his total income under the head “long-term capital gain” was challenged by the assessee in the appeal filed before the ld. CIT(Appeals) and since there was no satisfactory compliance on the part of the assessee to the notices issued by him fixing the said appeal for hearing from time to time, the ld. CIT(Appeals) dismissed the appeal of the assessee for non- prosecution vide his appellate order dated 15.01.2019 passed ex-parte. Aggrieved by the order of the ld. CIT(Appeals), the assessee has preferred this appeal before the Tribunal.