Index of Document

1. Form 35

2. Ground of Appeal

3. Fact of Case

4. A.O. Order Copy

5. Notice of Demand (Original)

6. Challan of Fees
 FORM NO. 35
[See rule 45]
Appeal to the Commissioner of Income-tax (Appeals)
Designation of the Commissioner (Appeals)
* No._________________ of _______________

Name and address of the appellant

Permanent Account Number

† Assessment year in connection with which the appeal 2009-10
is preferred

Assessing Officer/Valuation Officer passing the order Sh Mukesh Kumar

appealed against Ward-32(4), New Delhi

Section and sub-section of the Income-tax Act, 1961, U/s 143(3)

under which the Assessing Officer/Valuation Officer
passed the order appealed against and the date of such
order

Where the appeal relates to any tax deducted under ----

section 195(1), the date of payment of the tax

Where the appeal relates to any assessment or penalty, 19-11-2011

the date of service of the relevant notice of demand

In any other case, the date of service of the intimation ----

of the order appealed against

Section and clause of the Income-tax Act, 1961, under U/s 250
which the appeal is preferred

Where a return has been filed by the appellant for the ----
assessment year in connection with which the appeal is
preferred, whether tax due on the income returned has
been paid in full (if the answer is in the affirmative, give
details of date of payment and amount paid)

Where no return has been filed by the appellant for the ----
assessment year in connection with which the appeal is
preferred, whether an amount equal to the amount of
advance tax payable by him during the financial year
immediately preceding such assessment year has been
paid (If the answer is in the affirmative, give details of
date of payment and amount paid)

Relief claimed in appeal ---

Where an appeal in relation to any other assessment -----
year is pending in the case of the appellant with any
Commissioner (Appeals), give the details as to the-
(a) Commissioner (Appeals), with whom the
appeal is pending;
 (b) assessment year in connection with which
the appeal has been preferred;
(c) Assessing Officer passing the order appealed
against;
(d) section and sub-section of the Act, under
which the Assessing Officer passed the order
appealed against and the date of such order

Address to which notices may be sent to the appellant

Signed

Name of appellant

STATEMENT OF FACTS
- Enclosed -

GROUNDS OF APPEAL
- Enclosed -

Signed

Name of appellant

Form of Verification
I, ------------- the appellant, do hereby declare that what is stated above is true to the best of
my information and belief.

Place :New Delhi

Date: Signature

Status of appellant - Individual

BEFORE THE COMMISSIONER OF INCOME TAX (APPEAL) NEW DELHI

RE: Name of appellant (PAN “xxxxxxxxxx”), H-122, Defence Colony, New Delhi-
24. Appeal against the order Dated 01-11-2011 U/S 143(3) of Income Tax Act.
1961 for the Assessment Year 2009-10 as Framed by the Income Tax Officer,
Ward-32(4), New Delhi.

STATEMENT OF FACTS

I had purchased land and constructed residential building (E-148, Masjid

moth, New Delhi) in F.Y.1974-75. Total construction cost including value of
land was Rs. 4 Lakhs and my share was 50% in the same building. After
construction the same was used for my residential purpose.

In F.Y. 2007-08, I bought another residential flat (C-244, Defence Colony,

New Delhi) jointly with HUF. I have paid Rs. 81.25 lakhs as purchase
consideration.

As per accounting standard, I have recorded building in the books of account

at cost of acquisition i.e. Rs. 2 lakhs (50% of 4 lakhs). Which was appear in
my books of account.

In F.Y. 2008-09, I sold old residential building ( E-148, Masjid Moth, New
Delhi) and received Rs, 2.4 cr, as sale consideration. LTCG on sale of
residential building has claimed u/s 54.

On sale of residential building (E-148, Masjid Moth, New Delhi) I have

computed LTCG considering “Second provisio of Section 48 of income tax act”
and taken Rs. 14 lacs as cost of acquisition (i.e. FMV as on 01-04-1981) as
per section 55 of income tax act.

“Section 55 says: Any tangible capital assets acquired by assesse himself

before 01-04-1981 assessee has option to take Actual cost of assets or FMV
as on 01-04-1981 for computation of capital gain”

I have taken Rs. 14 lakhs (i.e. FMV as on 1.04.1981) for indexation purpose
although actual cost of assets Rs. 2 Lakh (50% of Rs 4 lakhs) which was
reflected in B/S as on 31.03.2008 and taken as cost for the purpose of sec 55
of Income Tax Act.

But Assessing officer has rejected the FMV ( as on 01-04-1981) of Rs. 14

Lakhs, taken by me and consider the value of asset which was appearing in
the B/S as on 31.03.2008 (ignoring the provision of sec 49 of Income Tax
Act) for computing Capital Gain.

However it is not rational to say that cost of construction of any asset will be
the FMV of assets after 7 Years. Although the FMV of same asset is Rs. 2.40
Cr. After 34 years.
BEFORE THE COMMISSIONER OF INCOME TAX (APPEAL) NEW DELHI

RE: Name of appellant (PAN “xxxxxxxxx”), H122, Defence Colony, New Delhi-
24. Appeal against the order Dated 01-11-2011 U/S 143(3) of Income Tax Act.
1961 for the Assessment Year 2009-10 as Framed by the Income Tax Officer,
Ward-32(4), New Delhi.

GROUND OF APPEAL

 I am not agreeing with the computation of capital gain made by

assessing officer.

 During the assessment, sec 55 of Income Tax Act has not been
considered by assessing officer for taking FMV of Building as on
1.04.1981 for capital gain purpose, He has taken actual cost of
building (in F.Y. 1974-75).

Computation of Capital Gain by the Assessing officer as under:

Sale Consideration 2, 40, 00,000
Less: Cost of Acquisition(2+2 laks)
Indexation cost of acquisition
4,00,000*582
100 23, 28,000
Capital Gain 2, 16, 72,000/-
Assesse Share (50%) 1, 08, 36,000/-
Less: investment made in residential
Property on 18.05.2007 81, 25,000/-
Balance Long Term Capital Gain 27, 11,000/-

 Demand calculated by A.O. is Prejudicial to me and, if appeal is not

allowed to be proceeded it amounting to against the law.

 I have valid reason for taking FMV as cost of acquisition as per section
55 of Income Tax Act.

 I am genuine in the eye of law and followed valid procedure for

computation of capital gain.

Computation of Capital Gain by me as under:

Sale Consideration (A) 24,000,000.00
Less: Indexed Cost Of Acquisition:
Fair Market Vale As On 01-04-1981 Rs.1, 400,000.00
Indexed Cost in Financial Year 2008-09 (B)
=14, 00,000 X582/100 7,908,000.00
Long Term Capital Gain (A-B) 16,092,000.00
Share in Capital Gain 50% Of Above 8,046,000.00
Less: Exemption Claimed U/S 54 8,125,000.00
Balance Long Term Capital Gain NIL

Hope above ground of appeal is valid for taking the matter in appeal.