TaxTMI 
TaxTMI 
2013 (7) TMI 319
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....PER : Barin Ghosh For the assessment year 2008-2009, appellant was selected for scrutiny assessment and, accordingly, a notice under Section 143(2) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') was issued to him. In course of scrutiny assessment, assessee was confronted with the report submitted by the annual information wing, which held out that the assessee has sold an immo....
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....r of any agricultural land by the appellant to AOP. It was found as a fact that before constitution of AOP, the land was converted from agricultural to industrial, and thereafter, in fact, the industrial land was sold. The entire capital gains tax was fastened upon the appellant. Appellant approached the learned CIT (Appeals). The CIT (Appeals) found that AOP came in to existence on 16th June, 200....
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.... 16th June, 2007. For that purpose, Assessing Officer was directed to consider the price of transfer to AOP on the basis of the circle rate prevailing on 16th June, 2007. The CIT (Appeals) then directed assessment of capital gains in the hands of AOP also when it sold ultimately the land in question to the ultimate purchaser on 12th December, 2008. Aggrieved thereby, appellant approached the Tribu....
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....reof, the transferee is in possession of the immovable property agreed to be transferred. In the instant case, there is no conveyance by the appellant in favour of AOP, nor there is any agreement between the appellant and the AOP coupled with the contention by the AOP that in pursuance with that agreement and in part performance thereof it is in possession of the property in question. We are, ther....