Case Law Details
Devender Kaur Vs ITO (ITAT Jaipur)
In the instant case also, the AO has failed to conduct any enquiry and bring any material or fact to establish that the assessee has initially acquired the property in question at the time of Power of Attorney dated 3.1.2008 and subsequently sold the same vide sale deed dated 23.09.2009 in the capacity and in her right as an owner of the property. In fact, we find that while computing capital gains in the hands of the assessee, the AO has allowed the cost of acquisition of Rs 289,582 which was actually the cost of acquisition paid by Smt Tripta Nurpuri at the time of initial allotment way back in year 1998 which cannot be inferred as cost of acquisition in hands of the assessee as on the date of execution of power of attorney on 3.1.2008. The same thus shows that the AO himself was not clear as to the taxability of the transaction in the hands of the assessee in absence of requisite enquiry and examination. In light of the aforesaid discussion and following the decision referred supra, the addition made by the AO in the hands of the assessee is not warranted and the same is directed to be deleted.
FULL TEXT OF THE ORDER OF ITAT JAIPUR
The assessee has filed the present appeal against the order of ld. CIT(A), Alwar dated 29.03.2019 for the assessment year 2010-11 wherein the assessee has taken the following grounds of appeal:-
“1. That the ld. Commissioner of Income Tax (Appeal) has erred in law as well as on the facts and circumstances of the case in confirming the initiation of the proceedings u/s 147 against the assessee and ignored the other aspect placed before them in submission.
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