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Facts
The assessee's appeal for AY 2012-13 arose from an order concerning proceedings u/s 147 r.w.s. 143(3) of the Income-tax Act. The lower authorities had assessed long-term capital gains of Rs. 9,78,125/-, but without allowing benefits of part acquisition and indexation.
Held
The Tribunal held that the Revenue could not dispute the assessment. The issue was restored to the Assessing Officer for appropriate adjudication and verification, allowing the assessee's appeal partly for statistical purposes.
Key Issues
Whether the Assessing Officer correctly assessed the long-term capital gains without allowing benefits of part acquisition and indexation as per the provisions of the Act.
Sections Cited
147, 143(3), 48, 49
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Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’ NEW DELHI
Before: SHRI SATBEER SINGH GODARA
PER SATBEER SINGH GODARA, J.M: This assessee’s appeal for assessment year 2012-13 arises against National Faceless Appeal Centre (NFAC) Delhi’s’ order dated 22.05.2025 [DIN & Order No. ITBA/NFAC/S/250/2025-26/1076367673(1)] in proceedings u/s 147 r.w.s. 143(3) of the Income-tax Act, 1961, hereinafter referred to as the ‘Act’.
Heard both the parties. Case file perused.
2. Coming to the solitary substantive issue between the parties, it transpires during the course of hearing that both the learned lower authorities have assessed long term capital gains amounting to Rs. 9,78,125/- in the assessee’s hands, in assessment order dated 31.10.2019 as upheld in the lower appellate discussion.
That being the case, the Revenue could hardly dispute that the learned Assessing Officer has assessed the assessee’s 1/4th share in sale consideration as his long term capital gain without allowing any benefit of part acquisition as well as indexation thereof, as prescribed u/s 48 r.w.s. 49 of the Act. It is thus deemed appropriate to restore the instant issue back to the learned Assessing Officer for his appropriate adjudication and verification as per law preferably within three effective opportunities of hearing. Ordered accordingly.
No other ground or argument has been pressed. 4. This assessee’s appeal ITA 4548/Del/2025 is partly allowed for statistical purposes.
Order pronounced in open court on 28.08.2025.