TaxTMI 
TaxTMI 
TaxTMI 
2015 (10) TMI 2115
X X X X Extracts X X X X
X X X X Extracts X X X X
....ixed for hearing for the first time on 02-12-2014. Since nobody appeared on that date the cases were adjourned to 19-03-2015. Since nobody appeared on that date also the cases were adjourned to 08-06-2015. Since nobody appeared on 08-06-2015 fresh notices were issued through RPAD. The notices were duly served on the assessee and the acknowledgements are placed on record. However, neither anybody appeared on behalf of the assessees nor any petition seeking adjournment of the appeals were filed. It appears that the assesses are not interested in prosecuting these appeals. Therefore, we proceed to decide the appeals exparte qua the assessee and after hearing the Ld. Departmental Representative. 3. First we take up ITA No.24/PN/2014 in the cas....
X X X X Extracts X X X X
X X X X Extracts X X X X
....er the land. Further, as a 'deemed purchaser', the price payable by a tenant to the landlord is determined by the Tribunal under the BTAL Act. In the assessees' case, purchase of land from land owners is still pending before the Tribunal as per Sections 32G and 32M of the Tenancy Act. Further, since land is situated in urban area, the tenant cannot sell it u/s 43C. The assessee has filed suit in the Tribunal against this restriction on transfer. The suit is pending in the Tribunal. In view of these facts, land is not yet transferred in the assessee's name and there is no consequent transfer to C & M Farming Ltd according to the provisions of Section 2(47) and, therefore, capital gain does not arise in the facts of the case. 6. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r Rs.11,29,496/- Shri Madhav Ramchandra Harer Rs.11,86,767/- Late Smt.Anjanabai Mohan Pawar Rs.3,56,020/- Smt. Shantabai Ramchandra Lokhande Rs.3,49,040/- 8. Before CIT(A) the assessee reiterated the same arguments. However, the CIT(A) was also not satisfied with the explanation given by the assessee and in a consolidated order upheld the action of the AO by observing as under: "2.8 I have considered the facts, provisions of the Income Tax Act, relevant provisions of Bombay Tenancy Agricultural Lands Act as well as the arguments of the Appellants. I am of the view that capital gain tax should be levied on the Appellants. The reasons for my decision are as under: 2.9 The Appellants have argued that there is no transfer with....
X X X X Extracts X X X X
X X X X Extracts X X X X
....9;. This right has been transferred by the Appellants to the purchaser- C & M Farming Limited. The perusal of the para 10 of the Agreement between the Appellants and C&M Farming Limited dated 13.07.2004 show that the Appellant has undertaken to transfer land to the purchaser or to anyone named by the purchaser. It is stated that this Agreement has been made in the favour of the purchaser and the land can be transferred by the purchaser to anyone else, which would not be objected to by the sellers. Further, the right of receiving compensation from MHADA in case of acquisition of land has been granted to the purchaser company in accordance with the para 11 of the Agreement. 2.12 In para 12 of the agreement, the sellers have undertaken to tra....
X X X X Extracts X X X X
X X X X Extracts X X X X
....grieved with such order of the CIT(A) the assessee is in appeal before us with the following grounds : "1. On the facts and circumstances of the case CIT(A) has erred in law by treating Transfer as per Section 2(47) of the Income Tax Act. 2. On the facts and circumstances of the case CIT(A) has erred in law by treating Transfer whereas as per Bombay Tenancy and Agriculture Land Act 1948 in Section 43 there is condition and year of taxability is given. 3. On the facts and circumstances of the case CIT(A) has erred in law by treating Transfer whereas as per Bombay Tenancy and Agriculture Land Act 1948 as per Section 43C a tenant cannot transfer a land which is stated in Municipal Corporation of Ahmednagar. 4. On the facts and circumstance....