2008 (1) TMI 901

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....Property Act. 3. Assessee entered into an agreement to sell 7,000 sq. ms. vacant land to M/s. Kumaon Construction Ltd., Nainital, for Rs. 25 lakhs. The agreement was registered with Sub-Registrar, Nainital and Rs. 2 lakhs were received as advance. 4. In the period relevant to assessment year 1989-90, assessee claims to have transferred 24 plots to the nominees of M/s. Kumaon Construction Ltd. fo....

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....nd, accordingly, the case stood covered by section 53A of the Transfer of Property Act. This view was confirmed by the CIT(A). 6. The assessee then preferred second appeal before the Tribunal which was allowed by the Tribunal observing that the approach of revenue was erroneous. According to the Tribunal, the order of Assessing Officer was based upon misconception of legal principles. According t....

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.... to sell to M/s. Kumaon Construction Ltd., Nainital, land admeasuring 7,000 sq. ms. That agreement is subsequently rescinded. However, between 25-4-1988 and the date of rescisson (22-10-1990) the plot admeasuring 7,000 sq. ms. stood sub-divided. The sub-divided 24 plots were conveyed by the assessee to the nominees of M/s. Kumaon Construction Ltd. None of the sale deeds have been produced by the a....

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.... stood conveyed and how many plots remained. In the absence of these basic facts which are primary facts, we are of the view that the Tribunal could not have allowed the appeal in favour of the assessee. What is the indexed cost of each plot is not mentioned. Unfortunately, none of the above aspects have been considered even by the High Court in its impugned judgment. 11. For the aforesaid reason....