TaxTMI 
TaxTMI 
2018 (2) TMI 973
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....19-01-2004 for sale of development rights in favour of M/s. City Corporation Limited for a consideration of Rs. 31,98,820/-. The assessee did not file return of income disclosing income from transfer of such rights. Notice u/s. 148 of the Income Tax Act, 1961 (hereinafter referred to as "the Act") on 14-03- 2011. The assessee did not respond to notice. Thereafter, several notices were issued to the assessee u/s. 142(1) of the Act, the assessee remained silent and never appeared before the Assessing Officer. The Assessing Officer was constrained to complete the assessment u/s. 144 of the Act. The Assessing Officer observed that as per agreement consideration is Rs. 31,98,820/-, whereas, as per Government valuation for stamp duty purpose, the....
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....e ld. AR of assessee submitted that the assessee vide Development Agreement dated 17-01-2004 with Shri Popat Keshav Tupe and others acquired development rights in respect of land situated at Grampanchayat Sadesatranalli, Hadapsar for a consideration of Rs. 23,00,000/-. The copy of the development agreement is at pages 1 to 33 and true English translation of the Development Agreement is at pages 104 to 118 of the paper book. Two days thereafter, the assessee vide Development Agreement with M/s. City Corporation Limited in respect of same land transferred the Development Rights against consideration of Rs. 31,98,820/-. The translated copy of the agreement is at pages 34 to 61 of the paper book and the English translation is at pages 119 to 13....
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....tion Limited has already been subject to tax under the head "Income from Other Sources'. Therefore, any addition in respect of income arising from transaction of sale of land as mentioned in agreement dated 19-01-2004 would result in double taxation of income. The ld. AR further furnished copy of certificate giving the details of cheque issued by M/s. City Corporation Limited to the assessee in respect of land comprising in Survey No. 187/1B at Grampanchayat Sadesatranalli, Hadapsar. 5. On the other hand Dr. Vivek Agarwal representing the Department vehemently supported the findings of Commissioner of Income Tax (Appeals) and prayed for dismissing the appeal of assessee. 6. We have heard the submissions made by representatives of riva....
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....Aar. ii. Survey No. 187/12 admeasuring 00 Hector 10 Aar from and out of total area 00 Hector 24 Aar. iii. Survey No. 188/1A admeasuring 00 Hector 5.69 Aar from and out of total area 00 Hector 41 Aar. iv. Survey No. 187/3C admeasuring 00 Hector 8.34 Aar from and out of total area 00 Hector 20 Aar. v. Survey No. 187/5 admeasuring 00 Hector 2.75 Aar from and out of total area 00 Hector 20 Aar. situated at Grampanchayat Sadesatranalli, Hadapsar. A perusal of description of above properties clearly indicate that the survey numbers giving description of property in development agreement dated 17-01-2004 are different from survey numbers of land which are subject matter of agreement dated 19-01-2004. Even ....