2020 (5) TMI 55

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....610/2012 registered at SRO, Rajendranagar during the Financial Year 2011-12 for an amount of Rs. 9,90,000/-. The assessee had not offered to tax any capital gains from the said transaction. Therefore, the AO initiated proceedings u/s.147 of the Income Tax Act [Act], after issuance of notice u/s.148 of the Act, dt.28-04-2015. In response to the said notice, the assessee appeared through his representative and submitted the information called-for. The assessee, vide letters dt.29-02-2016 & 16-05-2016, submitted that the assessee had entered into an Agreement of Sale cum GPA, vide Regd. Document No.16792/2006, dt.29-11-2006 in respect of property at H.No.2-3-190, situated at Upparpally, Rajendranagar Mandal, R.R.District and the sale consider....

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....), who confirmed the order of AO and the assessee is in second appeal before the Tribunal, raising the following Grounds: "1. The order of the Hon'ble CIT(A) is erroneous in law as well as facts of the case. 2. The Hon'ble CIT(A) ought to have noted that the assessee transferred the said property vide registered document i.e. Sale cum GPA dated 29.11.2006 after accepting consideration and therefore ceased to be the owner of the property. 3. The Hon'ble CIT(A) ought to have noted that the assessee was not a party (signatory) for the document dated 14.03.2012 and therefore there was no capital gain in the hands of the assessee liable for tax as alleged by the assessing officer and confirmed by the Hon'ble CIT(A). 4. Th....

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.... the entire sale consideration of Rs. 5,94,000/- and had also handedover the vacant possession of the property to the Vendee. Therefore, according to him, the transfer was complete in 2006 itself. It is submitted that it was in the year 2012 that the AGPA-holder had sold the property to another person and the assessee's name has only been included as the Vendor, but the document neither contained the signature of the assessee nor the assessee has received any sale consideration. Therefore, according to him, the Long Term Capital Gain cannot be brought to tax in the hands of assessee in the relevant assessment year. 4.1. Without prejudice to the above argument on merits and in the alternative, the Ld.Counsel for the assessee also submitted ....