Case Number: ITA 1494/DEL/2019
Appellant: Anupam Kumar, Meerut UP
Respondent: ITO Ward-1(1), Meerut
Assessment Year: 2009-10
Result: 2009-10
Case Filed On: 2019-02-22
Order Type: Final Tribunal Order
Date of Order: 2022-01-20
Pronounced On: 2022-01-20
Bench: Delhi Bench “SMC-2”, New Delhi
Members: Shri Kul Bharat (Judicial Member)
This case involves the appeal filed by Anupam Kumar against the order of the Commissioner of Income-Tax (Appeals), Meerut, dated 28-12-2018 for the assessment year 2009-10. The primary grievance is the incorrect calculation of capital gains on the sale of property, including the non-deduction of bank loan repayment from the sale consideration.
The appellant, Anupam Kumar, filed his return of income for the assessment year 2009-10, declaring the sale of a property. The Assessing Officer (AO) calculated the capital gains by taking the gross sale consideration without deducting the bank loan repayment, leading to an increased capital gains amount.
The appeal was heard on 17/01/2022, with the respondent represented by Sh. Om Prakash, Sr. DR. No one appeared on behalf of the appellant, and the notices of hearing sent to the appellant were returned unserved by the postal authorities. The appeal was taken up for hearing in the absence of the appellant.
The Tribunal reviewed the grounds of appeal, which were inter-related and pertained to the calculation of capital gains. The appellant contended that the AO incorrectly calculated the capital gains by taking the gross sale consideration without deducting the bank loan repayment and by not allowing the benefit of construction expenses.
The Tribunal found that the Commissioner of Income-Tax (Appeals) [CIT(A)] had thoroughly examined the issue and correctly calculated the capital gains by considering the indexed cost of acquisition and ignoring the bank loan repayment as it was a subsequent usage of the sale proceeds.
The Tribunal upheld the decision of the CIT(A), stating that the appellant’s claims were not substantiated by any evidence. The Tribunal found no reason to interfere with the CIT(A)’s decision, and the grounds raised by the appellant were rejected.
In the result, the appeal by Anupam Kumar was dismissed. The Tribunal emphasized the importance of providing accurate and substantiated claims during the assessment and appeal proceedings to avoid adverse decisions.
Decision: Appeal dismissed.
Signed by: Shri Kul Bharat (Judicial Member)
Date: 20.01.2022
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