SHIV KUMAR MITTAL,HYDERABAD vs. INCOME TAX OFFICER, WARD-8(2), HYDERABAD

In the result, the appeals of both the assessees are allowed

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamonyassessment Year: 2009-10 Shiv Kumar Mittal, Vs. Income-Tax Officer, Hyderabad. Ward – 8(2), Hyderabad. Pan – Acipm 3813 D Appellant Respondent Assessee By: Shri Vikash Modi Revenue By: Smt. V. Aparna Date Of Hearing: 04/06/2019 Date Of Pronouncement: 30/08/2019 O R D E R Per Smt. P. Madhavi Devi, J.M. This Is An Appeal Of The Assessee For The Ay 2009-10 Against The Order Of Cit(A) – 8, Hyderabad, Dated, 16/02/2018. 2. Brief Facts Of The Case Are That The Assessee, An Individual, Had Sold A Property Situated At Kondapur Grampanchayat, Serilingampally Mandal, Rr District Vide Sale Deed No. 4100/2008 Dated 5Th June, 2008 For A Consideration Of Rs. 15,48,000/-, Whereas The Guideline Value Of The Property As Adopted By The Stamp Valuation Authority Was Rs. 50,56,000/-. Since The Assessee Did Not Offer Any Capital Gains On This Transaction To Tax, Ao Initiated Proceedings U/S 147 Of The Act By Issuing A Notice U/S 148 On 24/03/2016, Which Was Served On The Assessee By Way Of Affixture At The Last Known Address & Thereafter Notice U/S 142(1) Was Also Issued On 09/05/2016. Since There Was No Reply From The Assessee, A 2 I.T.A. No. 633/Hyd/18 Shiv Kumar Mittal, Hyd..