Sri Omkar Chadha, New Delhi vs. ITO, New Delhi

This Income Tax Appellate Tribunal case involves an appeal by Sh. Omkar Chadha against the Income Tax Officer concerning additions made to his income. The primary disputes relate to capital gains tax on the sale of inherited land and a disallowance of business loss. The assessee claimed exemption under Section 54F for the sale of land, which was valued differently in the sale deed compared to the circle rate.

IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH ‘E’, NEW DELHI
Before Sh. Amit Shukla, Judicial Member
Dr. B. R. R. Kumar, Accountant Member
(E-Court Module)
ITA No. 346/Del/2017 : Asstt. Year : 2012-13

Sh. Omkar Chadha,
I-39, Jangpura Extn.,
New Delhi-110014
(APPELLANT) 

Vs

Income Tax Officer,
Ward-54(3),
New Delhi
(RESPONDENT)
PAN No. AAEPC8329G

Assessee by : Sh. K. Sampath, Adv.
Revenue by : Ms. Rakhi Vimal, Sr. DR
Date of Hearing: 25.06.2020 Date of Pronouncement: 13.07.2020

ORDER

Per Dr. B. R. R. Kumar, Accountant Member:

The present appeal has been filed by the assessee against the order of the ld. CIT(A)-18 , New Delhi dated 05 .12.2016 .

2. Following grounds have been raised by the assessee:

“1. Confirming the following additions made by the Assessing Officer:

a. Rs.17 ,29,976/- on account o f capital gains;

b. Rs.50 ,000/- on account o f disallowance of business loss.

2. Enhancing the income from capital gains by Rs.73 ,18,424/-.”

3. Brief facts of the case are that the assessee sold a land
that he inherited with stated consideration in the sale deed at Rs. 78.75 lakh, the circle rate being Rs. 118.55 lakh, on which the appellant has made claim of exemption on account o f two assets under section 54F, which is dispute be fore us.

4. The relevant facts related to these transactions are:

(1) The land was purchased by the father o f the appellant in 1965 - 66 per Rs. 3800/-and subsequently inherited by the appellant.

(2) The land was sold on 02 .12.11 to one Mr. Anu j Kumar for a sale consideration of Rs. 78 .75 lakh as per the sale deed.

(3) The minimum value as per the circle rate was Rs. 1,18,55 ,480/- (and the stamp duty o f Rs. 7 .2 lakh thereon was paid by the buyer), taken at Rs. 1 .20 crore . (4) The appellant thereafter entered into an agreement for purchase of a flat with the builder M/s Ansal housing and construction, and the booking amount was paid on 20/1/2012 .

(5) The to tal consideration for purchase of this flat was Rs. 65,41,210/- 

To know more in details find the attachment file