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Judgment
This assessee's appeal for assessment year 2016-17, arises against the Ld. Addl/JCIT(Appeals), Agra's order in Appeal No. DIN & Order No.ITBA/APL/S/250/2025-26/1076820262(1), dated 09.06.2025 involving proceedings under section 143(3) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act').
Heard both the parties. Case file perused.
For the reasons stated in the assessee's condonation averments, delay of 241 days in filing of the instant appeal is condoned in light of Collector, Land & Acquisition vs. Mst. Katiji & Others (1987) 167 ITR 471 (SC).
It emerges during the course of hearing that the assessee's/HUF herein; is aggrieved against both the learned lower authority's action denying it cost of acquisition and indexation for the purpose of computing Long Term Capital Gain which forms the sole subject matter of adjudication before the tribunal.
Learned DR vehemently submits that given the fact that the assessee had acquired a Long Term Capital Gain on 29.04.2011, it has rightly been assessed for the relevant amount cost of acquisition and indexation from impugned assessment year 2012-13 and not from preceding year i.e. AY 2011-12.
The assessee on the other hand has placed on record a copy of relevant purchase deed dated 23.03.2011 to the effect that merely because the same got registered dated 29.04.2011, it could not be denied the benefit relevant in Assessment Year 2011-12. It is in this factual backdrop that the tribunal is of the considered view that both the learned lower authorities respective impugned finding could not be concurred with. This is for the precise reason that once the sale deed dated 23.03.2011 got executed qua the transfer of title and all the liabilities, the mere fact that it got registered on a subsequent date in latter assessment year, could form a reason to reject the cost of acquisition and improvement in AY 2011-12. Learned Assessing Officer is accordingly directed to re-compute the assessee’s long term capital gain as per the sale deed dated 23.03.2011 in very terms. The assessee’s appeal is allowed.
Order pronounced in the open court on 7th July, 2026.