Sale of property and earning of Long Term Capital Gains

Last updated: 14 August 2021

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This appeal concerned the sale of immovable property and the resulting Long Term Capital Gains for the assessment year 2011-12. The assessee had not initially filed a return of income, but information regarding the property sale for ₹48,00,000 was received by the Assessing Officer. Although the assessee did not appear before the Assessing Officer, they intended to provide details about the capital gains to the CIT(A). The Tribunal allowed the appeal for statistical purposes.

Court :
ITAT Chennai

Brief :
This appeal filed by the assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals) 5, Chennai, dated 30.08.2019 relevant to the assessment year 2011-12.

Citation :
I.T.A. No.3183/Chny/2019

IN THE INCOME-TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI

Before Shri V. Durga Rao, Judicial Member &
Shri G. Manjunatha, Accountant Member

I.T.A. No.3183/Chny/2019

Assessment Year: 2011-12

Shri Dheerendar Raj Bhandari,
No. 6/3A, Siddharth Residency,
EVK Sampath Road, Vepery,
Chennai 600 007.
[PAN: AAQPB3249L]

Appellant

The Assistant Commissioner of
Income Tax, Non Corporate Circle 4(1)
Chennai.

Respondent

Appellant by : None

Respondent by : Shri Suresh Periasamy, JCIT

Date of hearing : 28.07.2021

Date of Pronouncement : 28.07.2021

O R D E R

This appeal filed by the assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals) 5, Chennai, dated 30.08.2019 relevant to the assessment year 2011-12.
2. The issue involved in this appeal is relating to sale of property and earning of Long Term Capital Gains. The assessee has not filed the return of income for the assessment year 2011-12. The Assessing Officer got the information that during the financial year 2010-11, the assessee sold immovable property for a consideration of ₹.48,00,000/-.

3.We have heard the ld. DR, perused the materials available on record and gone through the orders authorities below. We find that though the assessee has not appeared before the Assessing Officer, the assessee wants to file the details in respect of long term capital gains before the ld. CIT(A).

4.In the result, the appeal filed by the assessee is allowed for statistical purposes.
Order pronounced on the 28th July, 2021 at Chennai.

Please find attached the enclosed file for the full judgement