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Declaration of Capital Gain u/s 50C of the Income Tax Act

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Court :
ITAT Hyderabad

Brief :
This is assessee’s appeal for AY 2010-11 against the order of the CIT(A)-6, Hyderabad dated 31.07.2020. At the outset, it is seen that there is a delay of 7 days in filing of the appeal before the Tribunal and being satisfied with the reasons given in the application for condonation of delay, the delay is condoned.

Citation :
ITA No. 547/Hyd./2020

IN THE INCOME TAX APPELLATE TRIBUNAL
HYDERABAD ‘SMC’ BENCH : Hyderabad
(Through Video Conference)
Before Smt. P. Madhavi Devi, Judicial Member
ITA No. 547/Hyd./2020
Assessment Year: 2010-11

Smt. Teegala Manjulatha

Hyderabad

[PAN: ACIPT8826D]

(Appellant) 

vs

ITO, Ward 14(2)

Hyderabad

(Respondent)

For Assessee: Sri T. Rama Murthy, C.A
For Revenue: Sri Srikanth S, D.R.
Date of Hearing : 08/07/2021
Date of Pronouncement 28/07/2021
O R D E R

This is assessee’s appeal for AY 2010-11 against the order of the CIT(A)-6, Hyderabad dated 31.07.2020.
At the outset, it is seen that there is a delay of 7 days in filing of the appeal before the Tribunal and being satisfied with the reasons given in the application for condonation of delay, the delay is condoned.

2.  The AO noticed that the assessee has not declared capital gain as per sec.50C of the Act, therefore, the AO re-opened the assessment u/s 148 of the Act by issuance of a notice to assessee, in response to which, assessee attended and filed necessary details stating that the assessee had purchased the property in semi finished condition and had incurred Rs.20 lakhs to get the flat finished so as to make it habitable and stated that after considering the indexed cost of acquisition, the capital gain was nil.

3. Aggrieved, assessee filed an appeal before the CIT(A) who confirmed the order of the AO and assessee is in second appeal before the Tribunal by raising the following grounds of appeal.

4. In the result, assessee’s appeal is treated as allowed for statistical purposes.
Order pronounced in Open Court on 28/07/2021.

Please find attached the enclosed file for the full judgement

 

Poojitha Raam
on 17 August 2021
Published in Income Tax
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