TaxTMI 
TaxTMI 
2017 (5) TMI 62
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....143(3) and Section 271(1)(c) of the Income Tax Act, 1961; in short "the Act"; respectively. 2. A perusal of the instant case files reveals that the above former appeal ITA No.2487/Ahd/2011 pertains to quantum case wherein the CIT(A) has restricted capital gains addition of Rs. 30 lacs as made by the Assessing Officer in assessment order dated 29.11.2010 to Rs. 2 lacs only after concluding that the assessee was only one of the fifteen members of "Shantivan Members Association". Latter appeal ITA No.1481/Ahd/2014 relates to consequential penalty proceedings wherein both the lower authorities penalized the assessee to the tune of Rs. 62000/- u/s.271(1)(c) of the Act with regard to the above addition of Rs. 2 lacs. 3. We advert to assesse....
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....pellant submitted that signatures were put by him alongwith other member on the sale deed as power of attorney holders of remaining members as evident from page Nos 8 &. 9 of the sale-deed to sell the land on 31.3.2008 to Mr. Nehul Patel. Appellant reiterated conditions imposed by Nehul Patel regarding release of payment on getting clear title for construction of land and that the same was seller's responsibility. Confirmation from Nehul Patel in this regard was filed before the AO. Appellant also filed copy of stay order from VMC restraining construction by Nehul Patel on the said land, due to which any out dated cheques issued by Nehul patel could not be deposited by Shantivan Members Association except for one cheque of Rs. 1 lakh. A....
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....ant filed copies of power of attorney in favour of appellant by other members of Shantivan Members Association and copy of sale-deed along with its English translation. 3.2 I have carefully considered facts of the case and appellant's submissions. Sale deed of the property in question was executed between 15 co-owners including the appellant and Shri Nehulbhai Patel. 7/12 abstract of the land in question also shows the property to be possessed/owned by the same 15 persons including the appellant. In the sale-deed, against vendors, names of 15 persons are recorded. Appellant and Shri Rameshbhai H Patel executed the sale-deed on behalf of 15 co-owners on the strength of power of attorney given in their names by 15 co-owners. The sale c....
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....On enquiring about cost of acquisition and shares of individual members, AR has submitted letter informing that no cost was incurred by the appellant and other members of society to become equal owners of land and cost may be taken at nil. Taxable capital gains on sale of property, therefore work out to be Rs. 30 lakh, out of which appellant's share is Rs. 2 lakh. Addition in the hands of the appellant is, therefore directed to be restricted to Rs. 2 lakh and balance addition, i.e. Rs. 28 lakh is directed to be deleted in his hands. Capital gains of Rs. 28 lakh are to be taxed in the hands of remaining 14 coowners in equal proportion." The assessee's former appeal arises in context of above quantum findings. 5. Learned counsel rep....