TaxTMI 
TaxTMI 
2014 (3) TMI 356
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.... authorities in assessing capital gains on sale of the property on 23.10.2008, applying section 50C and qua fair market value of the property as H11,00,000/- as on 1.4.1981 for the purpose of indexation. 3. The assessee is an 'individual'. He is a retired government servant having pension and interest income. On 7.10.2009, the assessee filed its 'return' declaring income of H7,65,590/-. 4. In the course of 'scrutiny' and on the basis of AIR information, the Assessing Officer came to know that the assessee had sold one plot to Dr. Meera Bai (his wife) on 23.10.2008 for H25,00,000/- having guideline value of the property as H60,00,000/-. Therein, the assessee contested assessment of capital gains in his hands by pleading that he had acted o....
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.... to whether the capital gains in question have been rightly assessed in assessee's hands or not. In this regard, we find that Shri. M. Viswanathan was owner of a plot measuring 1920 sq.ft at Thiruvanmiyur Village, Mylapore-Triplicane Taluk, Chennai District, Beach Kuppam Road, Thiruvanmiyur, Chennai. On 1.9.2006, he had executed registered general power of attorney in assessee's name without any consideration as follows:- "01. To negotiate for sale of the schedule mentioned property as a whole or an undivided shares. 02. To execute any agreement/s for sale or other document/s necessary to effectuate the aforesaid purposes to cause the same to the stamped registered or authenticated including purchase of stamp paper as the case may be. 03....
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....Metropolitan Development Authority, Tamil Nadu Electricty Board, Revenue Authorities in connection with the above said schedule mentioned property. 14. To follow up Town Panachayat or CMDA for approval of the building plan. 15. To apply for water and drainage connection to CMWSSB and in that connection to sign application and necessary papers. 16. To sign and get Income Tax Clearance Certificate under section 230-A of Income Tax Act if necessary for proposed sale/s. 17. In case of any dispute to institute legal proceedings and or defend suits or cases filed and in that connection to engage advocate, to sign vaklaths, plaints, affidavits, petitions, pleadings, statement and also to give evidence before competent court. 18. To receive le....
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....preised in RS No.188/1,188/2&188/3, patta CA No.444/2005, Block No.62, TS No.61, measuring an extent of 2000sq ft or thereabouts. I was originally residing at Door No.71 (old No.33), I Main Road, Gandhi Nagar, Adyar, Chennai 600 020 but has shifted to the new address mentioned above. I am aged 72 years and a heart patient since 1993. Until recently, I was running a news agency of religious journals and magazines and that was my main source of income. I am not a pensioner nor gainfully employed to receive any retirement benefits. You may be aware of the Tsunami in Dec-2004-Jan 2005. After tsunami devastation, the land prices in the coastal areas crashed and no one was willing to buy these property even at lesser price. Moreover, the said ....