23,00,000/- for sale shares of Shivalik Land Development Limited to Virasat Agro Foods Private Limited as genuine, without appreciating the cost of the land held by Shivalik Land Development Limited which was mortgaged to the assessee company vide Mortgage Deed dated 12.12 2008 On the facts and in the circumstances of the care and in law, the learned CIT(A) erred in holding that the re-negotiated sales consideration of Rs. 10,00,00,000 shown by the assessee in its return of come 25,00,000 as total consideration received for sale of equity shares of Shivalik Land Development Limited to Virasat Agro Foods Private Limited as against Rs. On the face and in the circumstances of the case and in law, the learned CIT(A) erred in directing to compute the capital gains considering Rs. In its appeal, the Revenue has raised the following grounds:– In view of the above, since the present appeal has been filed within the extended time granted by the Hon’ble Supreme Court during the Covid period, therefore there is no delay in filing the present appeal and we proceed to decide the same on merits The learned Authorised Representative (“learned AR”) did not raise any objection against the prayer for condonation of delay. Thus it was prayed that the present appeal be heard on merits. no.665 of 2021, in Suo-Motu Writ Petition (Civil) no.3 of 2020, the learned DR submitted that the limitation period for filing the appeal was extended upto, and the Revenue filed the present appeal on. By placing reliance upon the order dated, passed by the Hon’ble Supreme Court, in M.A.
At the time of the hearing, the learned Departmental Representative (“learned DR”) by referring to the authorisation memo submitted that the copy of the impugned order was received on, and the last date for filing of appeal, in this case, was. The present appeal is delayed by 130 days. The captioned appeal has been filed by the Revenue challenging the impugned order dated, passed under section 250 of the Income Tax Act, 1961 (“the Act”) by the learned Commissioner of Income Tax (Appeals)–54, Mumbai,, for the assessment year 2009–10 Allowance for recalculating capital gains using a lesser value of consideration when selling stock shares Fact and issue of the case
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