TaxTMI 
TaxTMI 
2019 (7) TMI 72
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....Sri M Vijay Singh, Sri M Arvind Singh and Sri M Baldev Singh and that he sold the immovable property bearing No.1-2- 212/B/16 admeasuring 189 sq. yards. Domalguda Sy.No.190 & 191, Gagan Mahal Village, Musheerabad Mandal, Hyderabad belonging to them vide document No.3513/2007, dated 22.09.2007, SRO Chikadapally, during the financial year 2007-08 relevant to the A.Y 2008-09 for a consideration of Rs. 8,40,000/- as against the market value of Rs. 38,08,000/- as per the Registration Authority. Observing that the assessee has not offered the capital gains to tax, the assessment was reopened u/s 148 of the Act. 3. The assessee did not file any return of income in response to the notice u/s 148. Therefore, the AO issued a notice u/s 142(1) along ....
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....1994 and not in the relevant financial year and hence capital gain cannot be brought to tax in this year. The learned Counsel for the assessee has drawn our attention to the registered irrevocable GPA executed in 1994, wherein the vendors have clearly stated that they are executing the GPA only to execute the sale deed on their behalf but there is no sale of the property by virtue of the GPA. He submitted that it was not an agreement of sale cum GPA and therefore, the assessee was only a GPA holder. He also drew our attention to the contents in the registered sale deed; wherein it was clearly mentioned that the sum of Rs. 8,40,000/- was received from the vendee in the year 1994 itself and that the possession of the same was also handed over....
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.... an irrevocable GPA by the owners of the land and it is stated therein that the possession was also given to the assessee to enable him to hand over the possession to the purchaser. There is no mention about the receipt of any sale consideration from whomsoever. After nearly 13 years, the assessee has executed the sale deed in favour of his daughter and in the sale deed, it is mentioned that a sum of Rs. 8,40,000/- has been received by the vendors from the vendee in the year 1994 and that the possession was also handed over to the vendee therein on the said date. As rightly pointed out by the Revenue authorities, it is not understandable as to why the GPA was executed in favour of the assessee and not the sale deed itself in favour of the a....