2019 (1) TMI 1587

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....rred in deleting the addition made under the head "income from long term capital gains of Rs..1,99,00,333/-. 2. The ld. DR has submitted that while deleting the addition towards income from long term capital gains, the ld. CIT(A) has erroneously held that the assessee has complied with the provisions of section 2(47)(vi) of the Income Tax Act, 1961 ["Act" in short] r.w.s. 53A of Transfer of Property Act by observing that the assessee has given possession to the intended purchaser even though the property was being held by M/s. Voltas on long lease and filed a civil suit in the High Court for extending the lease period. The ld. DR vehemently argued that it is clear from the above findings of the ld. CIT(A) that when the property in questi....

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....e deed on 27.04.2009, in which there was no mention about the existence of sale agreement in the above sale deed. By relying upon the decision of the Hon'ble Supreme Court in the case of CIT v. Balbir Singh Maini [2017] 86 taxmann.com 94, the ld. DR pleaded for reversing the findings of the ld. CIT(A) and to restore the assessment order. 3. On the other hand, the ld. Counsel for the assessee strongly supported the order passed by the ld. CIT(A) and prayed for its confirmation. The ld. Counsel for the assessee also filed copy of the judgement of the Hon'ble Madras High Court in the case of CIT v. Shri P.N. Thiagarajan & Smt. P.T. Geetha Ramani in Tax Case Appeal Nos. 675 & 676 of 2017 & CMP No. 17564 of 2017 confirming the order of the....

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....Act,1882 will be applicable for registered sale agreement. Since, sale/transfer took place only on the date of sale deed i.e. 27.4.2009, the capital gain is taxable in the assessment year 2010-11 and accordingly the Assessing Officer determined the long term capital gains and brought to tax. 4.1 On appeal, by following the decision of the Tribunal in the case of Smt. P.T. Geetha Ramani in I.T.A. No. 2384/Mds/2016 and Shri P.N. Thyiagarajan in I.T.A. No. 2385/Mds/2016 dated 31.01.2017, the ld. CIT(A) directed the Assessing Officer to delete the addition. On further appeal against the order of the Tribunal in the case of Smt. P.T. Geetha Ramani & Shri P.N. Thiagarajan by the Department, vide Tax Case Appeal Nos. 675 & 676 of 2017 & CMP. No....