2018 (11) TMI 1241

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....n pursuance of the order of the Tribunal, whereby vide order dated 15.10.2010 in ITA No. 3844/Del/2010, Tribunal has restored the matter to the file of the AO for denovo assessment because originally assessment order was passed u/s 144. 2. The facts in brief are that the assessee during the year under consideration had shown short term capital gain of Rs. 4,22,189/- on sale of one lease hold residential plot admeasuring 299 sq. Yard situated at Omaxe, NRI City , Greater Noida. Besides this, assessee had also shown long term capital gain of Rs. 1,39,73,199/- on sale of residential plot which is not in dispute. So far as plot at Omaxe Greater Noida is concerned, it was submitted by the assessee that, this plot was allotted by the Noida Aut....

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....ion 2(47) also includes sale, exchange or relinquishment of the asset; or the extinguishments of any rights therein. The word 'capital asset' means property of any kind which has the widest amplitude and even the right in the property is an asset and therefore, any transfer of right in capital has to be reckoned of transfer of capital asset. Here in this case the assessee was allotted a plot for which he has paid purchase price and also incurred certain improvement of cost. The assessee had acquired the right through endorsement documents and such endorsement was further transferred to the buyer from Shri Rajinder Bansal. Since he was beneficial owner of the said property, therefore, there was no requirement of registration of immovable pro....

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....is, the sale of property, then market value has to be determined. He submitted that if the ITI report is not accepted, then the matter should be remanded back to the AO to determine the fair market value as per the circle rate / stamp value rate. 7. We have heard the rival submission and also perused the relevant finding given in the impugned order. It is not disputed by the revenue authorities that the transfer of right over the plot admeasuring 299 sq. yds amounts to transfer of a capital asset in terms of section 2(47). The assessee had acquired the plot in question by way of allotment and had acquired the right through endorsement document. This endorsement document has been further transferred to another buyer, because he was the be....