TaxTMI 
TaxTMI 
TaxTMI 
2019 (3) TMI 1067
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.... 2.0 The brief facts leading to the present appeal are that the assessee, during the year under consideration, was engaged in consignment sales of products of M/s Haldia Petro Chemicals Ltd. on commission basis. The assessee filed his return of income for the assessment year under consideration declaring an income of Rs. 18,94,797/-. As per the AIR Information, the assessee had executed one transaction of sale of one immovable property at A- 34, Sector 30, Noida for Rs. 83,70,000/- on 23rd June, 2009 and the Assessing Officer (AO) noted that this transaction had not been reflected in the Return of Income. The assessee was asked to explain the same. It was submitted by the assessee before the AO that he had purchased the a vacant plot in th....
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....over possession residing in the said property, having obtained permission from Noida Authority and also having sold the property in A.Y. 2011-12. (C) It is highly unjustified and against equity to hold that the date of transfer u/s 2(47) for working out the capital gain is 23.06.2009 and not 03.08.1991. (D) It is denied that the Agreement to Sell dated 03.08.1991 was not a property registered document. The document was registered vide document no-87 volume no-679 book no- 740 pages 41 to 50. 2. To the above extend of above objection the order passed u/s 143(3) by the A.O. & further confirmation by the Id. CIT(A) is bad in law. 3. That 'A' prays that the addition be deleted in full to meet both ends of justice. 4. That appellant pr....
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....ld by the assessee from the original allottee Smt. Lilawati Kapur. Thus, the sale deed executed on 23.06.2009 in favour of Smt. Santosh Sareen was in the capacity of the GPA Holder and, thus, it was not appropriate for the AO to consider the sale of this property in the hands of the assessee in 2009. 3.1 The Ld. AR further submitted that during the course of assessment proceedings, the assessee requested the AO to issue notice u/s 133(6) of the Act to Smt. Santosh Sareen, and the address of the party was also provided by the assessee to the AO. It was submitted that in response to the notice issued by the AO u/s 133 (6) of the Act, Smt. Santosh Sareen had filed a reply dated 12.03.2013 (placed at Paper Book page 66), whereby she confirme....
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.... not in the year in which the sale deed has been executed by the assessee as the GPA-Holder. The Ld. AR invited our attention to the sale deed executed on 23.06.2009 (placed at Paper Book page 15) whereby the seller is Smt. Lilawati Kapur, the original owner, and the assessee has executed the sale deed as her general power of attorney holder. On the basis of this it was contended that even if it is assumed that sale has taken place on 23.06.2009, still the assessee cannot be considered as a seller so as to charge capital gain in his hand on the basis of this sale deed. It was submitted that the fact that the assessee or Smt. Santosh Sareen could not produce their bank statements or ITRs for the year 1991 cannot be the basis for an drawing a....
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.... the AO was justified in considering the transfer in this year and computing capital gain tax accordingly. The Ld. Sr. DR placed reliance on the order passed by the Authorities below. It was contended that both the AO and the Ld. CIT (A) has examined the issue and the facts in detail and, therefore, no interference was called for on the issue. 5.0 We have considered the rival submissions and have also perused the material on record. On going through the records, we note that the assessee has purchased a plot bearing no. A-34, Sector-30, Noida from Smt. Lilawati Kapur in terms of the agreement to sell dated 22.06.1987. The assessee also obtained a General Power of Attorney in his favour from Smt. Lilawati Kapur. The assessee, thereafter, co....
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....er in section 2(47) clause (v) of the Act whereby 'transfer' in relation to capital assets includes any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act. As per section 53A of the Transfer of Property Act, as applicable in the year 1991, an agreement to sell need not be registered if the transferee has, in part performance of the contract, taken possession of the property and continues in possession of the same. In the present case, the transferee has taken possession in the year 1991 and has continued to be in possession of the property and hence, transfer was complete in the year ....