2020 (3) TMI 109

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....the assessee was processed u/sec. 143(1) of the Income Tax Act, 1961 (hereinafter referred to as 'Act') and thereafter selected for scrutiny and after following due procedure, assessment was completed u/sec. 143(3) of the Act. In the assessment order, the Assessing Officer has noted that on verification of 50C data for the F.Y. 2012-13 received from DIT (Intelligence), Hyderabad, it is noticed that assessee has sold an immovable property bearing D.No. 36-11-7, admeasuring 405 sq.yds. located at Koneru Rama Kotaiah Street, Vijayawada on 11/06/2012 for Rs. 23,41,000/-. The Government value for the purpose of payment of stamp duty was Rs. 78,97,000/-. The difference in Government value and the document value is Rs. 55,56,000/-. It is f....

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.... computed at Rs. 39,48,500/- and added the same in the hands of the assessee. 3. On appeal, ld. CIT(A) confirmed the order of the Assessing Officer. 4. On being aggrieved, assessee carried the matter in appeal before this Tribunal. 5. Ld.AR submitted that the property was sold by the assessee along with his wife on 23/07/2004 and received full consideration except Rs. 20,000/- and handed over the possession to the GPA holder on the same day. Therefore, transfer took-place on the date of execution of Sale Agreement-cum-GPA i.e. on 23/07/2004 and not on 28/05/2012. He further submitted that if at all capital gains has arisen, it has to be considered on the date of execution of Sale Agreement-cum-GPA i.e. transfer of property and subm....