AATHUR KARTHICK,COIMBATORE vs. THE ITO, NON CORPORATE WARD-2(3), COIMBATORE

ITA 376/CHNY/2024Status: DisposedITAT Chennai14 August 2024AY 2012-131 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal noted that the appeal was filed with a significant delay, which was condoned with a cost of Rs. 5,000/-. The Tribunal set aside the orders of the CIT(A) and AO and remanded the matter back to the AO.

What were the facts?

The assessee sold a flat for Rs. 55,00,000/- and claimed a long-term capital loss of Rs. 2,72,448/- after indexation. The AO, however, computed a long-term capital gain of Rs. 25,16,943/-. The CIT(A) confirmed the AO's action. The appeal was filed with a delay of 308 days.

What were the issues?

Whether the delay in filing the appeal can be condoned and re-computation of long-term capital gain by the AO after examining the cost of construction paid to the developer.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI

Before: SHRI MAHAVIR SINGHAND SHRI S.R. RAGHUNATHA

Hearing: 08.08.2024Pronounced: 14.08.2024

PER MAHAVIR SINGH, VICE PRESIDENT:

This appeal by the assessee is arising out of the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, in ITBA/NFAC/S/250/2022-23/1049631335(1) dated 10.02.2023. The assessment was framed by the Income Tax Officer, Non-Corporate Ward 2(3), Coimbatore for the assessment year 2012-13 u/s.143(3) r.w.s.147 of the Income Tax Act, 1961 (hereinafter the ‘Act’) vide order dated 23.12.2019. 2.

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 147

All 49,210 judgments and leading authorities on Section 147 →

Recent GST High Court judgments

Search GST case law →