TaxTMI 
TaxTMI 
2014 (12) TMI 1277
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....e from salary and house property. Return for A.Y. 2009-10 was filed on 30/03/2010 declaring total income at Rs. 22,31,920/-. The case was scrutinized U/s 143(3) of the Income Tax Act, 1961 (in short the Act). The Assessing Officer further observed that the assessee sold immovable property situated at village Basda Alias, Khasra No. 6/1 and 6/4 Govindpura, Tehsil- Phagi, district- Jaipur measuring 9 Bighas 4 Biswa to M/s Grass Field Farms and Resorts Pvt. Ltd. where the assessee was a Director. The land was purchased by the assessee as on 24/03/2007 for Rs. 15,00,000/-. And sold as on 18/09/2008 for Rs. 1,39,60,080/-. The Assessing Officer gave reasonable opportunity of being heard as to why short term capital gain on account of sale of immo....
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....sed alongwith the details of particulars of the land, letter's name, registration number, purchase value, market value and final value. On the basis of this inventory, the company surrendered the amount not declared in the books of accounts. The transaction of land, which was made the basis of the addition of account of short term capital gains in the hands of the appellant is reflected in this inventory. This land was subsequently shown by the company M/s GFFR Pvt. Ltd. in its closing stock as on 31/03/2008. M/s GFFR Pvt. Ltd. sold this land to M/s Grass Filed Fire Capital Developers (P) Ltd. on 05/08/2008 for Rs. 1,51,80,000/- and offered the profit for taxation as per the P&L account of A.Y. 2009-10. The appellant is a director in M/s GF....
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....in the name of Director on behalf of M/s ARG Infra Developers Pvt. Ltd. and sale was made on 18/09/2008 at Rs. 1,39,60,080/- by the Director on behalf of to M/s Grass Field Farms and Resorts Pvt. Ltd.. The Assessing Officer had accepted the explanation of the assessee in respect of the above purchase and sale transaction except for the agricultural land sold by the assessee as an agent of to M/s Grass Field Farms and Resorts Pvt. Ltd.. He further submitted that the Assessing Officer has not disputed the fact that the purchase cost and the sale consideration of the impugned land is duly recorded in the books of accounts of GFFR in which assessee is a director. In fact the company purchased the agricultural land at khasra no. 6/1 &, 6/4 at vi....
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....on of the Assessing Officer that the assessee is the legal owner or that in the purchase/sale deed there is no mention as to the capacity of the assessee as agent of GFFR are irrelevant when there is no dispute as to the fact that purchase and sale in respect of this land is duly recorded in the books of the company and the company is exercising all the rights as a owner. Further the observation of the Assessing Officer that this property was again sold by the assessee to M/s Grass Field Farms & Resorts P. Ltd. is incorrect as it is sold to M/s Grass Field Fire Capital Developers Private Limited. It has been held in the various cases that for the Purpose of allowing the claim of deduction or for taxability of income, the real beneficial own....