CHAKRESH JAIN,GHAZIABAD vs. INCOME TAX OFFICER, WARD - 2(1)(2), GHAZIABAD, GHAZIZBAD
Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI
Before: Sh. Satbeer Singh Godara
This assessee’s appeal for Assessment Year 2016-17, arises against the CIT(A)/NFAC, Delhi’s DIN & order No.
ITBA/NFAC/S/250/2025-26/1078252407(1) dated 07.07.2025, in proceedings u/s 147 r.w.s. 143(3) of the Income Tax Act,
1961 (in short “the Act”).
Heard both the parties at length. Case file perused.
Coming to the sole substantive issue between the parties herein, a perusal of the instant case file reveals that both the learned lower authorities have invoked section 50C of the Act for the purpose of making long term capital gains addition amounting to Rs.32,43,520/- which represents the difference between actual sale price to the extent of Rs.2,31,51,069/- vis- à-vis the circle rate thereof of Rs.2,94,23,248/-; respectively, Chakresh Jain
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to the extent 1/5th share forming subject matter of adjudication before the tribunal.
It is in this factual backdrop that the learned counsel representing assessee vehemently argues that the relevant capital asset herein suffers from many distressing factor of illegal encroachments, open drains and municipal corporation issues etc. which the DVO had not correctly appreciated in his report submitted before the lower authorities. The Revenue could hardly dispute that such an issue of valuation of an assets is indeed a subjective one wherein various distressing factors could not be all together ruled out as well. Be that as it may, it is thus deemed appropriate in this factual backdrop that a lump sum relief of Rs.10,00,000/- to the assessee would be just and proper that with a rider that the same shall not be treated as a precedent. The impugned long term capital gains addition of Rs.32,43,520/- stands upheld to the extent of Rs.22,43,520/- in very terms therefore. Necessary computation shall follow as per law.
No other ground or arguments has been pressed. Chakresh Jain
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6. This assessee’s appeal is partly allowed.
Order Pronounced in the Open Court on 30/09/2025. (Satbeer Singh Godara)
Judicial Member
Dated: 30/09/2025
*Subodh Kumar, Sr. PS*