TaxTMI 
TaxTMI 
2012 (3) TMI 547
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....he Act for the block period comprising of assessment years 1996-97 to 1999-2000 Block period ending on 12.6.2000. The other appeal in the case of Smt. N. Andalamma, Viz., ITSS(A) No.51/Hyd/2009 is directed against the order of the order of the CIT(A) -Guntur dated 13.3.2009 for the block period comprising of assessment years 1991-92 to 2000-01 and from 1.4.1990 to 12.6.2000. Since common issues are involved, they are being disposed of, with this common order for the sake of convenience. 2. Brief facts of the case are that search and seizure operations u/s 132 of the IT Act 1961 was conducted in the residential premises of Sri Ambati Satyanarayana on 12.6.2000 who was a retired employee of the DRDL, Hyderabad and was engaged in real estate ....
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....ers and incriminating materials were seized showing various payments to the owners of the land were utilised in initiating block assessment proceedings u/s 158BD against the assessee. 2.3. On the basis of materials available in the seized documents found from the residence of A. Satyanarayana and his relative Shri K. Subba Rao, the Assessing Officer appears to have observed that the apparent transaction relating to transfer of land by the assessee and his other relatives in financial year 1995-96 was not disclosed in the regular returns of income field. The Assessing Officer had given a finding that as per the seized documents the actual sale consideration received by the assessee from purchaser i.e. M/s Sai Sree Financiers and M/s Sai Sre....
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....s signature on the deed of conveyance in favour of sai sree projects. Keeping in abeyance of the registration of the executed sale deed by the registering authority due to extraneous circumstances cannot defer the passing of the title of the transferred property from N. Narsimha to Sai Sree Projects Ltd. In the absence of any other comparable cost of acquisition the Assessing Officer was justified to adopt the FMV of the transferred property as on 1.4.1981 at Rs. 40 per sq. Yard as certified by the land registering authority, Govt. of AP. Since the assessee had not disclosed the transactions in such land resulting in any gain or loss in any return of income voluntarily filed prior to the initiation of block assessment proceedings t....
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....lso wrong in holding that provisions of Section 2(47) of the IT Act would apply since consideration was not fully received and possession was not given in pursuance of the agreement. The sale deed was executed but not registered. The learned counsel also said that the land is in possession of Smt. Andalammal till the date and produced the receipts from the tenants who were occupying the premises even as of to-day. f). The learned counsel also pointed out that the land became the subject matter of attachment through Court of law before the registration of the sale deed and proceedings of CBI had started further consideration was not completely paid. g). The CIT(A) failed to note that Narasimha does not have valid legal title to any portion....