2018 (5) TMI 1163

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....E AKIL KURESHI) 1. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal dated 17.05.2017 raising following question for our consideration: "Whether the Appellate Tribunal has erred in law and on facts in quashing the order passed by the CIT (A) u/s. 263 of the Act?" 2. Respondent-assessee is an individual. For the assessment year 2009-10, assessee had file....

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....09. Under this deed, the land in question was sold to one Gatil Properties Ltd for a sale consideration of Rs. 4,43,52,100/-. The assessee was the seller. Gatil Properties Ltd was the buyer and Melody Complex Pvt. Ltd was the confirming party in the said document. The document also showed that the assessee also received the balance sale consideration of Rs. 37,74,431/- whereas the remaining amount....

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....e would not apply. The sale deed was executed only on 25.03.2009 when the possession was also actually handed over to the new buyer. The sale consideration being Rs. 4,43,52,100/- the assessee had to offer a sum of Rs. 4,09,82,337/- by way of short term capital gain. 5. The assessee challenged this order before the Tribunal. The Tribunal, by the impugned judgement, held that the Commissioner co....

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.... of such sale? In the sale deed, the assessee did pose as a seller and sale consideration stated to have been paid by the purchaser Gatil Properties Ltd was undoubtedly Rs. 4,43,52,100/-. However the entire amount was never received by the assessee. It was a confirming party- Melody Complex Pvt. Ltd which, under the agreement to sale, had a right to insist on purchasing the land or seek specific p....