2022 (7) TMI 1148

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.... by the assessee, the learned Counsel for the assessee submitted that the main contention raised on behalf of the assessee before the Tribunal was that the assessee having not received any consideration, there was no question of any capital gain tax chargeable in her hands. He submitted that the consideration was received by the late father of the assessee and the conclusion drawn by the Tribunal in paragraph no.8 of its order rejecting the contention of the assessee is without any basis. He submitted that in the absence of banakhat, sale deed was a proper evidence and there is nothing in the sale deed to show that the assessee, as a legal-heir of her late father, has received any consideration. He contended that the conclusion drawn by the....

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....f the property and he had already entered into a sale transaction through banakhat dated 15.07.2000 with one Shri Hamad Ali before his death on 19.10.2010. He submitted that Shri HamadAli further agreed to sell the property to Shri Gopal G. Sutaria / Gopesh G. Sutaria; and, the assessee and other co-owners being legal heir of Shri Ganpatbhai K. Patel executed the sale deed on behalf of their late father merely to complete the transaction. He has contended that the assessee thus did not receive any consideration on execution of sale deed dated 28.07.2011 and she therefore cannot be held liable for any tax on capital gain arising from the said sale. We are unable to accept this contention of the learned Counsel for the assessee. It is observe....

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....t i.e. assessee and other co-owners being sellers had agreed to give credit for the said amount as the amount paid up by the party of the first part i.e. purchaser on the execution of sale deed. In our opinion, it therefore cannot be said that there was no consideration received by the assessee and the other co-owners on transfer of property vide sale deed dated 28.07.2011." While arriving at the conclusion as drawn in paragraph No.8, the submissions made on behalf of both the sides as well as the relevant material available on record was duly considered by the Tribunal as mentioned clearly in paragraph no.7 of its order. As rightly contended by learned DR, a definite view was taken by the Tribunal while rejecting the main contention of ....