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INCOME TAX APPELLATE TRIBUNAL (MUMBAI BENCH)
RAJ KUMAR CHAUHAN, J
Braj Kishore Singh – Appellant
Versus
Assessing Officer – Respondent
| Table of Content |
|---|
| 1. assessment order details and factual background. (Para 1 , 2) |
| 2. computation of long term capital gain (ltcg) based on property sale. (Para 3 , 4) |
| 3. dispute over date of acquisition for capital gains. (Para 6 , 8) |
| 4. arguments regarding indexation and rights from agreement. (Para 7 , 9 , 10 , 11 , 12 , 13 , 14) |
| 5. final decision on appeal and grounds. (Para 16 , 17 , 18 , 19) |
ORDER
PER RAJ KUMAR CHAUHAN (J.M.):
1. This appeal is filed by the appellant/assessee against the assessment order dated 17.12.2024 which was passed in pursuant to the direction of Ld. DRP u/s 144C(5) of the Act dated 21.11.2024 wherein the long term capital gain (LTCG) of the assessee was assessed at Rs. 17,04,264/- for the AY2015-16.
2. The brief facts as culled out from the order of lower authorities are that the assessee is an individual having residential status as non-resident during the FY 2014-15 relevant to the assessment year under consideration i.e. AY 2015-16. It was observed from the departmental data base that the assessee had sold immovable property for a consideration of Rs. 70,00,000/-; rent received Rs.96,250/-; paid Rs.3,20,500/- against credit card bills and interest received f
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