The case of ITA No. 4762/DEL/2019 involves Satyawati, legal heir of late Dhan Prakash Tyagi, who appealed against the order of the CIT(A), Ghaziabad concerning the assessment year 2010-11. This appeal addresses issues related to the capital gains calculated on the sale of immovable property.
Satyawati appealed against the assessment order dated November 26, 2018, which was upheld by the CIT(A). The grounds for appeal include incorrect calculation of capital gains and non-recognition of deductions under Section 54F for investments in residential property.
The appeal filed by Satyawati highlighted various procedural and substantive issues, including delays in filing due to non-receipt of the original order and lack of proper representation before the CIT(A) due to non-compliance.
Key legal arguments presented by the appellant’s counsel focused on the alleged overestimation of the property’s circle rate and improper calculation of indexed costs. Additionally, the appellant contested the Assessing Officer’s failure to consider substantial investments in residential property eligible for deductions under Section 54F.
The Tribunal decided to remand the case back to the CIT(A), directing a re-examination of the issues, offering Satyawati a final opportunity to substantiate her claims. This decision reflects the Tribunal’s approach to ensuring fairness and thorough examination of the facts before finalizing the tax liabilities.
This case underscores the complexities involved in capital gain calculations and the importance of accurate property valuation in determining tax obligations. It also highlights procedural safeguards in tax appeal processes, ensuring that taxpayers have opportunities to present their cases fully.
Appeal Against Capital Gain Assessment for Satyawati in ITA No. 4762/DEL/2019
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