1979 (5) TMI 92

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....best judgment assessment necessitated because of the omission to file an IT return. Later on information that the assessee has capital gains, the assessment was reopened. The assessee then declared in the return furnished as sum of Rs. 40,191 + Rs. 27,191 as capital gins in Part III of the return. The sales properly registered were on 15th Nov., 67 and 22nd Dec., 67 within the accounting year rele....

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....on capital gains. There is no case for the assessee that transfers are sham ones, never intended to be acted upon. The only case of the assessee is that purchasers finding that it will be no use to them on account of acquisition by Government subsequent to the completed sales wanted to reconvey those properties to the assessee. The assessee also argued that though it is recited in the sales deed t....

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....vant. So we find no substance in the case of assessee. There is a completed sale and the consideration has accrued to him. The subsequent events are irrelevant for the purpose of the case. The assessee is, therefore liable to assessment on capital gains. He was rightly assessed. The AAC was right in dismissing his appeal. 3. The assessment appeal dismissed. ITA No. 3106/(Mds)/77-78. Concealm....