TaxTMI 
TaxTMI 
2022 (3) TMI 1349
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....r disposal on merits. 3. The ld. AR did not press Ground no.2 challenging the initiation of re-assessment proceedings, which is hereby dismissed. Ground No.3 challenging the granting approval for re-assessment is connected with Ground No.2. The same is also consequently dismissed. 4. The assessee is aggrieved by certain aspects of the computation of capital gain made by the Assessing Officer (AO) as sustained in the first appeal. 5. Briefly stated, the facts of the case are that the AO received information that the assessee and five other persons jointly selling a plot of land on 30-06-2004 for a total consideration of Rs. 2,34,53,460/- to M/s. Bhosale Builders & Developers Pvt. Ltd. The assessee's share in the aforesaid consideration wa....
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.... to have paid to other co-owners in connection with the property transferred. The facts apropos this issue are that the assessee sold plot of land along with other five co-owners having total area of 24 Acres 4 Gunthas. The six co-owners, in total, are as under : 1. Mr. Arun Keshavrao Narwade, Raj Nagar, Station Road, Aurangabad. 2. Mr. Mohd. Khan Raje Khan Pathan, Chikalthana, Aurangabad. 3. Mr. Nasib Khan Raje Khan Pathan, Chikalthana, Aurangabad. 4. Mr. Amarsingh G. Hazari, Nawabpura, Aurangabad. 5. Mr. Haji Atikullab Baig Fasiullah Baig, Murginala, Aurangabad. 6. Mr. Vilas Keshavrao Autade, Harsul, Aurangabad. 7. During the course of the proceedings before the authorities below, the assessee claimed that he paid a sum of Rs....
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....d amount of Rs. 50.00 lakh was given to Plaintiff Nos. 2, 3, 4 and 5 towards their ownership, possession and right in the land at Gut No.222/13. Thus, it becomes evident that a sum of Rs. 25.00 lakh paid by the assessee had no connection with the land transferred to M/s. Bhosale Builders & Developers Pvt. Ltd. with Gut Nos.222/1 to 222/6. It can be gathered from the impugned order qua the Gut No.222/13 that Sh. Vilas Keshavrao Autade entered into agreement for jointly developing and selling the land which covered Gut No.222/13. Other four co-owners had some right and interest in the said land at Gut No.222/13. To purchase their right, a total sum of Rs. 50.00 lakh was paid by the assessee and Sh. Vilas Keshavrao Autade. On 17-08-2013, Sh. V....