TaxTMI 
TaxTMI 
2015 (9) TMI 73
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....he learned Appellate Tribunal has disposed of the appeals vide separate orders, since the issues raised in these appeals and materials relied on by the Assessing Authority are common, these appeals are disposed of by this common judgment. 2. As per the orders referred above, the Appellate Tribunal has confirmed the order of the First Appellate Authority and held that the additions made by the Assessing Authority in the order of assessment are justified. 3. Brief facts leading to the case are as follows: 4. The assessee in ITA No.125 of 2014 has purchased an extent of 944.43 cents of rubber plantation in Amballur Village, Thrissur District on 9.5.2007 and 7.7.2007 along with the appellant in ITA No.127 of 2014. The said property was later....
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....Authority took the view that the transactions can only be considered as an adventure in the nature of trade and accordingly after providing sufficient opportunity to the appellants and complying with the procedures, finalised the assessment, taking into account the actual sale value shown in the seized agreement during the search operations. 6. Even though the appellants have taken up the matter in appeal, the First Appellate Authority confirmed the order of the Assessing Authority and it is aggrieved by the said order, the appellants preferred 2nd appeal before the Income Tax Appellate Tribunal, which affirmed the order of the Commissioner of Income Tax Appeals. It is thus aggrieved, these appeals are filed. Questions of law raised in IT....
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....ey were entitled to set off the entire purchase value for the purpose of computation of tax while computing the tax against them in accordance with the agreement unearthed during the search operation. So also the learned counsel contended that the property sold by the appellants was agricultural property having rubber plantation and on executing the agreements for sale of the said property, the prospective purchasers were put in possession and they were permitted to cut and remove the rubber trees and to remove soil from the said property. Therefore, in the facts and circumstances of the case, the assesses are entitled to get the benefit of tax exemption provided under the provisions of the Act, treating it as agricultural property. 11. Le....
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....n 53A of the Transfer of Property Act. Admittedly the appellants have not registered the agreements for sale and therefore, as provided under sub-section 1A of Section 17 of the Registration Act, the same can only be deemed as an ineffective document for considering the question of part performance of the contract as contended by the appellants. In that circumstances, the appellants shall be deemed to have possessed the property till the sale deed was executed. Therefore the appellants are not entitled to get any advantage out of Section 53A of the Transfer of Property Act, and cannot contend that they had transferred possession of an agricultural property entitling them to get exemption from payment of tax. 14. On the other hand, the lear....
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....tablish that the appellants have paid the purchase price of Rs. 10,250/- and Rs. 10,500/- respectively per cent for the property against the documented value of Rs. 1,000/- per cent and therefore, the Assessing Authority was right in holding so in the order of assessment which was confirmed by the authorities below. 16. Taking into account the rival contentions of the learned counsels, we are of the considered opinion that the Appellate Tribunal has discussed the entire issues put forth by the appellants and has arrived at a reasonable conclusion that the basis for adoption of sales price of Rs. 25,000/- per cent was the sale agreement seized during search and also confirmation of the same by the appellant in ITA No.125 of 2014 and the pur....