TaxTMI 
TaxTMI 
2019 (6) TMI 465
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....passed under s.143(3) r.w.s.263 of the Income Tax Act, 1961(hereinafter referred to as "the Act") dated 29/07/2015 relevant to Assessment Year (AY) 2010-11. 2. The assessee has raised the following grounds of appeal:- 1.01. That learned CIT(A)-2, Ahmedabad has erred in confirming addition of Long Term Capital Gain of Rs. 27,00,000/-. 1.02. That various reasons advanced by Learned CIT(A)-2, are contrary to the facts and circumstances of my case. 1.03. Therefore addition of Rs. 27,00,000/- confirmed by Learned CIT(A)-2, Ahmedabad should be deleted. 3. The interconnected issue raised by the assessee is that the Ld. CIT (A) erred in confirming the addition made by the AO for a sum of Rs. 27,00,000/- as income un....
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....elinquished his right of the ownership before the date of the conveyance deed dated 18/08/2009. 3. The assessee relinquished his right in favor of the family members by registering the document dated 28/05/2008 (i.e., F.Y. 2008-09). 4. The assessee's claim that he did not receive any consideration against his relinquishment of right was not acceptable. 5. The assessee was the signatory of the conveyance deed of the bungalow no-16, ashwamegh, Ahmedabad which was sold to Shree Manojkumar Yadav Sompura. 6. The assessee did not submit any evidence or related document whether he offered to tax on the capital gain arose upon relinquishment of his right. 7. The claim of receipt for Rs. 4,00,000/- from t....
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....t in favor of his family members dated 27/05/2008. The Ld. CIT-A also observed that the assessee sold Bungalow No 16, Ashwamegh A'bad as per the conveyance deed executed on 18/08/2009 and received consideration of Rs. 27,00,000/- against his share in the said Bungalow. After that assessee invested the sale proceeds Rs. 27,00,000/- and Rs. 4,00,000/- received from his father to purchase Bungalow No 16, Neelkanth Green Bungalow on 29/09/2000. Therefore the assessee did not offer the tax on capital gain income as per the provision of section 54F. However, the Ld. CIT (A) was of the view that assessee did not declare any capital gain on relinquishment of his share in Bungalow No. 15, Ashwamegh, Ahmedabad though it is considered a transfer....
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....ed consideration of Rs. 27 Lacs on account of relinquishment of his right in the property which was not disclosed in the income tax return. Accordingly, the AO treated such sum of Rs.27 Lacs as income of the assessee under the head capital gain. The learned CIT (A) subsequently confirmed the order of the AO. From the preceding discussion, we inter-alia also note that the assessee has invested in another property dated 29-09-2009 bearing address Bungalow No. 16, Neelkanth Green Bungalow for rupees 93,00,000.00 in the year under consideration along other two co-owners being family members. Accordingly, the assessee claimed to have invested in his share the property for Rs.31 lakhs only. The copy of the sale deed is available on pages 106 t....