Capital Gain Addition Reopened Due to Failure to Consider Statutory Deductions

Late Shri Khemraj Patidar Vs ITO (ITAT Indore) The appeal concerns the order dated 04.01.2024 passed by the CIT(A)-NFAC, Delhi, arising from an assessment order dated 25.11.2019 under Sections 144 and 147 for Assessment Year 2012–13. The assessee challenged the confirmation of additions totalling Rs. 43,01,000/-, claiming them to be unjustified, unwarranted, and contrary to law. The assessee argued that the authorities failed to consider submissions, ignored documentary evidence, treated agricultural land as a taxable capital asset, wrongly computed capital gains without allowing deductions ...