2022 (5) TMI 157

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....f appeal. 3. None appeared on behalf of the assessee at the time of hearing when the name of the assessee was called. A perusal of the order sheet entries shows that the assessee was not appearing on the earlier occasions. As many as three letters issued by the Registry through RPAD were returned by the postal authorities with the remark "Left". Therefore, we deem it proper to decide the appeal on the basis of the material available on record and after hearing the Ld. D.R. 4. Facts of the case, in brief, are that the assessee is a company and filed its return of income on 28.03.2010 declaring total income of Rs.5,04,000/-. Subsequently, on the basis of AIR information received that assessee has sold vacant residential plot of land for Rs.....

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.... therefore, no capital gain arises in its hands. However, the facts as emerged during the assessment proceedings as well as appellate proceedings, narrate the different story and substantiate the stand taken by AO. As per the copy of General Power of Attorney dated 10.02.2005, filed during the appellate proceedings, it appears that the appellant company had given all the rights and authority, inter-alia, to Shri Tomar to enter into any agreement to sell/transfer the aforesaid property with/to anyone and to receive the money on behalf of appellant company and to present the same for registration before the Sub-Registrar (Clause 8, 9 & 10). Thus, by exercising this power, Shri Tomar, as a representative of appellant company, entered into agre....

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....t letter dated 01.08.2017, not even FIR, was filed to the SHO, Police Station, Amar Colony, New Delhi mentioning the facts with the request to take action against Shri Tomar. This letter is nothing but an eye wash only just to show that the appellant company is trying to take legal action against Shri Tomar in connection with aforesaid alleged transactions. However, no follow up action has been taken by it in respect of this complaint letter and the transactions have been accepted by appellant company as such. In such situation, it is clear that the transfer of property has taken place by the appellant company through Shri Tomar during the year under consideration and also that the transactions are covered by the provisions of section 50C o....