2022 (6) TMI 395

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.... short term capital loss on sale of property. The AO disallowed the claim of the assessee and assessed the income at Rs. 96,77,530/-. In this regard, the AO held that though proof of cost of acquisition was furnished by the assessee, he failed to furnish any proof regarding sale consideration. The AO held that in the absence of any proof in support of assessee's claim that the property in question was sold at a price less than its cost of acquisition cannot be accepted. Accordingly, the veracity of assessee's claim of loss on sale of property in question remains un-substantiated. Ergo, the short term capital loss of Rs.6,31,000/- claimed by the assessee is disallowed for want of supporting evidence. 3. Aggrieved the assessee has ....

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....ement to sell has not been notarized and hence, does not carry any legal value. Thus, the same cannot be treated as a valid proof of sale of consideration. (iii) The complete details/description of the property i.e. details of owner, area, location, etc are not mentioned in the agreement to sell. The words "Against Plot No. S-14" is written in hand on the second page of the said sale agreement, and the same has not been notarized as stated earlier. This document does not mention details of the property to be sold. It does not even contain the complete address the said property. Thus, the validity of this agreement to sale submitted by the assessee is questionable. 7. On receipt of the remand report, the ld. CIT(A) held that it m....

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....en as acceptable evidence to corroborate the event of sale of the property and the quantum of consideration exchanged in respect of the transfer of property. Accordingly, it was held that the assessee has failed to substantiate the fact of sale of property at a particular value. 9. The ld. CIT(A) further held as under: "It is important to note that AO has nowhere doubted the claim of the assessee that the bank deposits are not out of sale proceeds of the property. The dispute is limited to the fact that whether there is transfer of capital asset or not? If there is no transfer of capital asset as per section 2(47) of the act, the question of capital gain/loss does not arise. The capital gain /loss would arise only on transfer of....