TaxTMI 
TaxTMI 
2022 (3) TMI 671
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.... of the property was handed over to the purchase vide agreement dated 23.03.2012? 2.Whether on facts and in law, the Hon. CIT(A) was justified in relying upon the decision of the Hon'ble Supreme Court in the case of Chandra Prakash v. State of UP [(2002) 4 SCC 234 (SC)] especially when the facts of the case of assessee are different than that of Chandra Prakash case wherein the importance of binding precedent nature of 'pronouncement of law' of the Apex Court in light of hierarchical character of the judicial system was dealt with? 3. Whether on facts and in law, the Hon. CIT(A) was justified in relying upon the decision of the Hon'ble Supreme Court in the case of M.A. Murthy v. State of Karnataka [(2003) 264 ITR 1 (SC)] especially when the facts of the case of assessee are different than that of M.A. Murthy case wherein the importance of doctrine of binding precedents vis-à-vis doctrine of prospective overruling was dealt with? 4.Whether on facts and in law, the Hon. CIT(A) was justified in deleting the addition merely on the ground that different approach has been adopted by other Assessing Officer in case of other coowners; ignoring the fact wrong approach i....
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.... and the above ground of appeal by assessee is raised without any sanction of law) 3. Brief facts of the case are that assessee is an individual, filed his return of income on 31.07.2012 for the assessment year 2012-13, declaring total income of Rs. 3,74,894/-. Subsequently, case of assessee was selected for scrutiny. During the assessment proceedings, the Assessing Officer noted that assessee along with his other co-owner purchase of agricultural land in Revenue Survey (R.S.) No. 28, block No. 78 Sarsana, Surat for a consideration of Rs. 3.96 Crores and was paid stamp duty of Rs. 19,43,000/-. On further, inquiry about the source of investment, the assessee furnished the sale deed of land bearing R.S. No. 296 T.P. Scheme No. 7, F.P. No. 52 at Vesu, Surat at 23.03.2012 and ultimately registration number of sale transaction was recorded in sub-registrar office on 03.04.2012. On further, perusal of details, the Assessing Officer found that no long term capital gain was computed and offered by the assessee while filing the return of income. On confronting this fact, the assessee submitted that possession of land in R.S. No. 296 at Vesu, Surat was handed over on 04.04.2012, thus, the t....
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....ssessment and adopted the average value of land as on 01.04.1981 at Rs. 12/- per square meter, subject to outcome of valuation report of DVO. The Assessing Officer computed total long term capital gain of Rs. 24,59,.87,965/-. The assessee was having 1/5 share thereby the assessee's share was worked out at Rs. 4,91,97,593/-(Rs. 4.92 Crores approx.) and made addition of long term capital gain in the income of assessee. 6. On appeal before ld. CIT(A), the assessee filed detailed written submissions. The written submissions of assessee is recorded in para 6 of order the ld. CIT(A). The assessee in sum and substance of his submission submitted that assessee is doing job Ambuja Cement Ltd., Magdalla, Surat. The assessee along with his four brothers had sold land in R.S. No. 296, T.P. Scheme No. 7, Vesu, Surat admeasuring 9602.50 Sq. Mts. The assessee contended that there are two main issues/grounds of appeal,first relates to whether capital gain if arise in A.Y. 2013-14 and second is regarding cost of acquisition and share of sale consideration to be adopted. 7. The assessee further submitted that assessee along with other co-owners sold the said land and offer the capital gain in A.Y.....
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.... directed to examine the discrepancy and take remedial action as deemed fit for A.Y. 2013-14. Aggrieved by the order of ld. CIT(A), the Revenue has filed the present appeal before us. 10. We have heard the submissions of learned Commissioner of Income Tax-Departmental Representative (CIT-DR) for the Revenue and learned Authorized Representative (AR) of the assessee and perused the records of the case carefully. The ld. CIT-DR for the Revenue submits that assessee along with his four co-owners sold the assets/land at Vesu, Surat on 23.03.2012 and received entire sale consideration as reflected in the sale deed itself. In the sale deed, the assessee clearly mentioned that transfer of possession of the land has been hand over to the purchaser. Though, ultimately document was granted registration number in the sub-registrar office on 04.04.2012. In case of sale the transfer of property relates back to the date of execution of sale deed. In the present case, the asset was transferred on 23.03.2012 and all remaining formality was completed before the presentation of sale deed before the Sub-registrar. The assessee is claiming that transfer of land was handed by 'Kabja rasid', which is n....
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....o the Revenue authority to pass rectification order for not taxing the capital gain in A.Y. 2013-14 which would otherwise tantamount the double taxation. The ld. AR submits that application of assessee under section 154 filed before Assessing Officer for rectification and for exclusion of capital gain for A.Y. 2013-14 has been rejected on 30.06.2016. 12. We have considered the submission of both the parties and have gone through the orders of lower authorities carefully. There is no dispute that assessee along with his four other co-owner sold theland in R.S. No. 296, T.P. No. 7 at Vesu, Surat. It is admitted fact that sale deed was executed on 23.03.2012 and was presented for registration on 23.03.2012 itself. The assessee along with his four co-owner acknowledged in the sale deed that entire sale consideration of Rs. 15.00 Cores is received before on 23.01.2012. The detail of all payments is duly reflected in the sale deed. Further, the assessee and his co-owner has acknowledged and accepted that first party (assessee and his brother) handed over the peaceful possession to the transferee. As per section 54 of Transfer of Property Act, the sale of immovable property is complete o....