VIMAL KUMAR BANKA,KANPUR vs. ITO WARD-1(2)(1), KANPUR
The appeal of the assessee is allowed
ITA 25/LKW/2024[2012-13]Status: DisposedITAT Lucknow25 Aug 2025AY 2012-13
Bench: Shri. Sudhanshu Srivastavaassessment Year: 2012-13 Vimal Kumar Banka V. The Ito 5/P/25, Dabauli Ward 1(2)(1) Kanpur Kanpur Tan/Pan:Afzb1801J (Appellant) (Respondent) Appellant By: Shri Rakesh Garg, Advocate Respondent By: Shri Sunil Kumar Rajwanshi, D.R. O R D E R This Appeal Has Been Preferred By The Assessee Against Order Dated 24.11.2023, Passed By The National Faceless Appeal Centre, Delhi (Nfac) For Assessment Year 2012-13. 2.0 The Brief Facts Of The Case Are That As Per The Assessing Officer (Ao), The Assessee Had Not Filed The Return Of Income For The Year Under Consideration. The Income Tax Department Was In Possession Of Information That The Assessee Had Sold An Immovable Property, Jointly Held With Mrs Kanchan Talwar, During The Year Under Consideration For A Consideration Of Rs.10,00,000/- & The Value Of The Same As Per The Stamp Valuation Authority Was Rs.23,15,000/-. The Assessing Officer (Ao), Therefore, Reopened The Case Of The Assessee Under Section 147 Of The Income Tax Act, 1961 (Hereinafter Called “The Act’)
For Appellant: Shri Rakesh Garg, AdvocateFor Respondent: Shri Sunil Kumar Rajwanshi, D.R
Section 142(1)Section 144Section 144BSection 147Section 148Section 148(2)Section 151
reassessment had been framed on a total income of Rs.7,18,675/- after making an addition of Rs.5,62,730/- as LTCG on sale of half share of the immovable property being Flat
No.504, 15/70, Civil Lines, Kanpur. The AO had computed
LTCG by adopting stamp value of Rs.11,57,144/- as against
Rs.5.00 lakhs which was the actual sale
