K. Narayana Das Rep by L/H K. Poornima v. The DCIT, Non-Corporate Circle-10(1), Chennai
[Citation -2019-LL-0913-16]
Citation | 2019-LL-0913-16 |
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Appellant Name | K. Narayana Das Rep by L/H K. Poornima |
Respondent Name | The DCIT, Non-Corporate Circle-10(1), Chennai |
Court | ITAT-Chennai |
Relevant Act | Income-tax |
Date of Order | 13/09/2019 |
Assessment Year | 2012-13 |
Judgment | View Judgment |
Keyword Tags | sale consideration • fair market value • commission paid • legal expenses • stay petition • sale of immovable property • capital gain • disallowance of deduction • guideline value • indexed cost of acquisition • stay of demand • outstanding demand |
Bot Summary: | The taxable capital gains after claiming exemption U/s.54EC and 54F has been arrived at Rs.29,18,52,389/- by the assessee in the return filed for the assessment year 2012-13. While making the assessment for the assessment year 2012-13, the AO had disallowed the claim of deduction of expenses except the commission paid, which resulted in the enhancement of assessable capital gains. Aggrieved against that order, the assessee filed an appeal before the CIT(A)-12, Chennai and on dismissal, the assessee is on appeal before this Hon ble Tribunal. Since, the financial position is extremely bad due to the death of the assessee and the AO is pressing for payment of the disputed arrears and since, on the capital gains issue on the co-owners assessments, this Tribunal has remitted the issue back to the AO, etc. It is pleaded that the balance of convenience is in favour of the assessee and hence an absolute stay may kindly be granted till the disposal of appeal, which is posted for hearing on 21.10.2019. Considering the plea raised by the legal heir of the assessee, we find that the balance of convenience is in favour of her and hence we grant stay of 90 days and accordingly grant the stay of balance demand. In the result, the assessee s stay petition is allowed. |