Ex-Parte Capital Gains Assessment Set Aside for Land Sale Dispute

Ram Manohar Kumar Vs ITO (ITAT Delhi) Ex-Parte Capital Gains on Land Sale Set Aside: ITAT Restores Matter to AO to Examine Agricultural Land Claim & Correct Share Assessment was framed ex parte u/s 144 r.w.s. 147 based on AIR information treating assessee’s share in land sale consideration of ₹4.25 crore as 1/4th & taxing long-term capital gains of ₹1.06 crore without allowing any cost of acquisition. Before Tribunal, Assessee contended that his share was only 1/6th & that the land sold was agricultural land situated 12–15 km from Ghaziabad municipal limits, hence not a “...