2021 (12) TMI 591

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... "The following grounds of appeal are without prejudice to one another:- 1. On the facts and circumstances of the case and in law, the Ld. CIT (A) erred in confirming the AO's action of making an addition of Rs. 1,60,90,798/- as short term capital gain despite the fact that there is no transfer of flat during the year under consideration. 2. On the facts and circumstances of the case and in law, the Ld. CIT (A) erred in confirming the AO's action of adopting the stamp duty value as sale consideration instead of agreement value for computation of short term capital gain by invoking the provisions of section 50C of the Income Tax Act, 1961. 3. On the facts and circumstances of the case and in law, the Ld. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ever the assesse has not shown any gain on the sale of flat in the profit and loss a/c. Accordingly the assesse was asked to explain the same with documentary evidences. The assesse vide letter dated 18.08.2017 submitted that agreement was executed with the buyer but possession has not been handed over as the necessary conditions for handing over were not fulfilled. The assesse submitted that the possession would be handed over only after payment of full consideration as the assesse was paid only Rs. 25,00,000/- and after obtaining no objection and approval Mumbai Port Trust as the property was leased property of Mumbai port Trust . The assesse submitted that the capital gain arising from the sale would be offered to tax only after the sale....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....en place in F.Y.2014-15. The ld CIT(A) rejected the argument of the assessee that in terms of section 2(47)(v) of the Act , possession of property is must for attracting capital. The ld CIT(A) held that as per section 2(47)(v) of the Act possession is not necessary but it speaks of about the transaction allowing possession and makes a further reference to section 53A of Transfer of Property Act. The main reasoning of ld CIT(A) for upholding the order of AO was that the contract for transfer of property was already entered into for a consideration. 6. We have heard the rival contentions of both the parties and perused the material placed before us. We note that the agreement for sale was registered during the year and the sale considerati....