2020 (1) TMI 299

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....-assessee filed return of income for the assessment year 2009-10 on 31.07.2009 declaring a total income of Rs. 2,25,550/-. Same was processed under Section 143(1)(a) of the Income Tax Act (hereinafter referred to as the 'Act', for short) on 20.12.2010. Based on alleged information received, Assessing Officer issued notice to assessee under Section 148 of the Act on 17.02.2012. Subsequently, notices under Sections 143(2) and 142(1) of the Act came to be issued to assessee on 16.03.2012 and 20.09.2012 respectively. On the basis of the reply    received, assessment order came to be passed on 19.03.2013 (Annexure-B). 4.Being aggrieved by said order, an appeal came to be filed before Commissioner of Income Tax (Appeals)-V, whic....

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....ation Authorities, it was Rs. 3,29,17,500/- and as such, difference in sale consideration being to an extent of Rs. 2,70,17,500/-, it attracted capital gains tax as per the provisions of Section 50C of the Act. The basis for determining the capital gains tax is valuation. The market value of the property or actual sale consideration whichever is higher was required to be adopted. Assessing Officer found that in the return of income, assessee neither declared the capital gains or claimed exemption from capital gains tax. As such, it came to be held by Assessing Officer that there was reason to believe that income chargeable to tax under capital gains had escaped assessment within the meaning of Section 147 of the Act. 7.Though Mr.Ashok Ku....

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....ument was not disputed and as such, question of construing the possession delivered at a later date that too under sale deed dated 28.06.2008 would not arise and as such, question of determination of the valuation based on said data does not arise, is an argument though at first blush look attractive is not so, for the simple reason that agreement of sale which is placed on record before this Court at Annexure-A2 (agreement of sale 27.01.1995) has been perused by us and Clause 6 of the said agreement reads:- "6. The Vendors has this day delivered the symbolic possession of the Schedule Property to the Purchasers and authorize the Purchasers to negotiate with the tenants and obtain vacant possession." 9. A plain reading of above ....