2021 (7) TMI 1227

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....me of Rs. 1,52,650. A notice u/s. 148 of the Income Tax Act, 1961 ('the Act') was issued to the assessee on 4.3.2015 and served on 10.3.2015. However, the assessee did not file any Return of Income in response to the notice u/s. 148 of the Act but filed documents consequent to show cause notice dt. 16.3.2016. The Assessing Officer therefore completed the assessment u/s. 144 r.w.s. 147 of the Act. 3. The Assessing Officer observed that the assessee, along with her sister and 6 brothers, sold 12 plots of land and the assessee's 1/8th share in S.R.O. value (after applying the provisions of section 50C of the Act) come to Rs. 21,08,500. He, therefore, called for information from the vendee who submitted that the plots were actual....

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....ting that assessee's father late Sri Sattaiah had purchased the land and after conversion of the same into plots, had sold part of the land to vendees and that he had retained a plot of 500 square yards on which the assessee's brothers have constructed a house and were living therein. She argued that since there was no transfer of property during the assessment year under consideration except the execution of the registered sale deed, and particularly since the vendees have not paid anything to the executors of the sale deed, there was no transfer of any property nor was any relinquishment of any right in any property. However, the CIT(A) was not convinced and accordingly has confirmed the assessment order. Aggrieved by the order of....

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.... the same, it is to be presumed that she has relinquished her right thereon and therefore capital gain is liable to be brought to tax. 7. Having regard to the rival contentions and the material on record, I find that the undisputed facts are that the assessee's father, late Sri G. Sattaiah during his lifetime had sold certain piece of land to various vendees and some of the vendees have also passed away and at the request of the vendees and the legal heirs of deceased vendees, the LRs of the vendor, late Sri Sattaiah, have executed registered documents in their favour. In the light of such circumstances, the assessee and her brothers have executed the sale deed, in respect of properties, whose possession of the property was already g....