Capital Gain Tax without Adjusting Cost of Acquisition – HC directs appellant to file Appeal with CIT(A)

Om Parkash Vs ITO (Delhi High Court) Introduction: In the recent case of Om Parkash Vs ITO, the Delhi High Court addressed the issue of taxation on the sale of agricultural land without adjusting the cost of acquisition. The court dismissed the writ petition, directing the petitioner to seek a statutory remedy. Analysis: The case revolved around the assessment year 2014-15, marking the second round of litigation for the petitioner. Mr Sultan Singh Khatri, the petitioner’s counsel, argued that the assessment order was flawed for several reasons, including the lack of a notice under Sectio...