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IN THE INCOME TAX APPELLATE TRIBUNAL

DELHI BENCHES ‘A’: NEW DELHI.

BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER

and

SHRI S.RIFAUR RAHMAN, ACCOUNTANT MEMBER

ITA No.4182/Del/2025

(Assessment Year: 2022-23)

Anshu Dhawan, vs. Income Tax Officer,

House No.933, Sector 17B, Delhi.

Gurgaon – 122 001 (Haryana).

(PAN : AGGPD5365D)

(APPELLANT) (RESPONDENT)

ASSESSEE BY : Shri Ashwani Kumar, CA

Shri Ankur Agarwal, CA

REVENUE BY : Shri Ajay Kumar Arora, Sr. DR

Date of Hearing : 10.11.2025

Date of Order : 30.01.2026

O R D E R

PER S. RIFAUR RAHMAN, ACCOUNTANT MEMBER :

1. The assessee has filed appeal against the order of the Learned

Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre

(NFAC), Delhi [“Ld. CIT (A)”, for short] dated 19.05.2025 for the

Assessment Year 2022-23.

2. Brief facts of the case are, assessee filed her return of income on

30.07.2022 declaring total income at Rs.37,51,250/-. The case of the

assessee was selected for scrutiny under CASS for the reason of low

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ITA No.4182/Del/2025

Long Term Capital Gain (LTCG) and high improvement cost.

Subsequently, notices under section 143(2) and 142(1) of the Income-tax

Act, 1961 (for short ‘the Act’) were issued and served on the assessee. In

response, ld. AR of the assessee attended and submitted information as

called for.

3. During assessment proceedings, the AO observed that assessee has

declared LTCG loss of Rs.45,80,056/- and observed that total cost of

improvement with indexation at Rs.1,83,73,704/- was claimed. The

assessee was asked to submit the details in respect to cost of acquisition

and cost of improvement. He observed that assessee along with her

husband booked unit bearing No.PTS-01-501, 5^th Floor, Palm Terraces

Select, Sector 66, Golf Course Extension Road, Gurgaon with the

developer, Emaar MGF Land Limited in the year 2010. In this regard,

assessee has submitted copy of registered buyer agreement dated

03.04.2014 between developer and assessee. As per the agreement,

assessee had agreed to purchase the said immovable property for a

consideration of Rs.1,68,54,215/-. After the demise of assessee’s

husband, the allotment of the said property was transferred to the

assessee’s name by the developer. Further AO observed that the copy of

executed registered agreement to sale dated 15.07.2021 by which

assessee had mutually agreed for nomination/transfer of the above said

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ITA No.4182/Del/2025

immovable property to Rajat Likhyani and Mrs. Bhawana Likhyani for a

consideration of Rs.2,22,00,000/- and claimed total cost of

acquisition/cost of improvement with indexed at Rs.2,67,80,056/-. The

AO issued notice u/s 133(6) of the Act to Emaar MGF Land Limited, the

developer. As per the information submitted by them, he observed that

the said immovable property was booked by assessee and her husband in

the year 2010 and agreement to sale was executed between the assessee

and developer on 03.04.2014. It was also mentioned that sale deed shall

be executed and got registered in favour of the allottees within six months

from the date of receipt of full sale consideration. He observed from the

allotment of the said property that it was transferred to the assessee by the

developer. The assessee has requested the developer to substitute the

name of the nominee of the said property to Rajat Likhyani and Mrs.

Bhawana Likhyani in place of assessee’s name. Further the executed

agreement of sale deed with the above said buyers on 15.07.2021 for a

consideration of Rs.2,19,50,000/-. Accordingly, AO observed that the

above said immovable property was neither transferred to the assessee

nor given the possession of the property by the developer. The above

said investment of Rs.1,76,06,235/- on the above said immovable

property and received an amount of Rs.2,22,00,000/- for relinquishment

of right of allotment of said property, therefore, the profit earned by the

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ITA No.4182/Del/2025

assessee was of Rs.45,93,765/- on investment in the said property which

should be treated as income from other sources. Accordi