2019 (5) TMI 1945

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....he Department the assessee had entered into certain property transactions for the period under consideration and had not shown the capital gains arising from such transaction in his Return of Income. The Assessing Officer recorded reasons for escapement of income and initiated proceedings u/s.147 of the Income Tax Act, 1961 [hereinafter called 'the Act']. In response, the assessee submitted that the original return filed on 28.03.2014 may be treated as the return filed in response to the notice u/s 148 of the Act. 2.1 The Assessing Officer, during the course of reassessment proceedings, noticed that the assessee along with his wife and four sons had sold ancestral agricultural land situated at village Bamroli admeasuring 13606 sq.mtrs fo....

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....CIT(A) T(A) may please be deleted. 4. Appellant craves leave to add, alter or delete any ground(s) either before or in the course of hearing of the appeal." 3. At the outset, the Learned Authorised Representative (AR) submitted that Ground No.1 challenging the assumption of jurisdiction u/s 147 of the Act by the Assessing Officer was not been pressed, accordingly the Ground No.1 is dismissed as not pressed. 3.1 With respect to Ground No.2, the Learned Authorised Representative submitted that the impugned property was agreed to be sold for a total consideration of Rs. 4,13,00,000/- vide registered sale agreement no.10529 dated 21.07.2010. It was further submitted that the sale price determined in the impugned sale agreement wa....

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.... the Act which were effective from 01.04.2017 wherein it has been provided that where the date of agreement fixing the amount of consideration and the date of registration for the transfer of capital asset are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purposes of computing full value of consideration for such transfer. It was submitted that this proviso was to be applied only in a case where the amount of consideration or a part thereof has been received by way of an account payee cheque or account payee bank draft or by use of electric clearing system through a bank account on or before the date of agreement for transfer. The Learned Authorised R....

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..... 5. We have heard the rival submissions and have also perused the material on record. The facts of the case are not in dispute and after having perused both the agreement to sale as well as the registered sale deed we do not find any apparent contradictions between the two set of documents in so far as the quantum of consideration is concerned. We also note that the registered sale deed makes a mention of the agreement to sell and duly records that an amount of Rs.1,14,00,000/- had already been paid to the seller/assessee at the time of execution of the agreement to sell. We also note that there is no inference by the department that an amount more than the sale consideration as shown in the agreement to sell and/or the sale deed had ex....