2012 (10) TMI 848

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.... brief facts of the case are that the return of income declaring income of Rs.68,174/- was filed by the assessee. During the course of assessments proceedings in the case of Late Shri Arun Kumar Lal for Assessment Year 2005-06, the Assessing Officer noticed that Smt.Vimla Lal W/o Shri Mutsaddi Lal was a co-owner holding 50% share in the property bearing no.30, Street no.1, Government Services Co-Operative Society, Shanti Niketan, Delhi, which was sold for Rs. 3,15,00,000/- during the FY 2004-05. However, Smt.Vimla Lal did not file her return of income declaring Long Term Capital Gain amounting to Rs.64,11,360/- which had escaped assessment within the meaning of section 147 of the Income Tax Act, 1961. Consequently, a notice under Section....

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.... out of total area of 2000 square yards was from the common ownership of both Shri Arun Kumar Lal and Smt.Vimla Lal as evinced by registered gift deeds executed by Shri Arun Lal and Smt.Vimla Lal jointly. Considering the findings arrived at in the case of alte Shri Arun Kumar Lal, the Assessing Officer has made addition of Rs.24,62,429/- as long term capital gain after allowing deduction of Rs.16,00,000/- under Section 54EC of the Act against the half share of long term capital gain of Rs.40,62,429/-. Aggrieved with the order, appellant filed the present appeal." 3. On appeal the First Appellate Authority upheld the contentions of the assessee. 4. Further aggrieved, the Revenue is in appeal before us.   5. We have heard Mr.Aro....

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....suit filed in the High Court, New Delhi. * Gift deed dt. 12.8.2003 in favour of Smt.Manjula Agerwala which clearly states that Late Shri Arun Kumar Lal and Late Smt.Vimla Lal are gifting 26.6% of 2000 square yards i.e. 532 square yards from the Rear Portion of the plot which belongs to Smt.Vimla Lal according to the Agreement of Partition dt. 1.8.1981. * Gift deed dt. 12.8.2003 in favour of Smt.Anuradha Singh which clearly states that Late Shri Arun Kumar Lal and Late Smt.Vimla Lal are gifting 20.8% of 2000 square yards i.e. 418 square yards from the Rear Portion of the plot which belongs to Smt.Vimla Lal according to the Agreement of Partition dt. 1.8.1981.   * Conversion of Lease Hold into Freehold application filed on 6.11.....