2022 (8) TMI 941

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....IT(A)-2/W-4(1)/VSP/2016- 17 dated 15.12.2016 for the Assessment Year (A.Y.) 2011-12. Since the grounds raised in these appeals are common, these appeals are clubbed, heard together and a common order is being passed and the facts are extracted from I.T.A.No.123/Viz/2017 for the sake of convenience as under. 2. Brief facts of the case are that the assessee is an individual and not filed any return of income for the A.Y.2011-12. The AO received some information that the assessee along with 8 others has sold their immovable property admeasuring 2129 sq.yds of land located at Madhavadhara village on 12.11.2010 for a total consideration of Rs.2,98,56,000/-. The assessee received his share of sale consideration of Rs.74,71,100/- through cheque....

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....sions could be obtained by the vendee. The Ld.CIT(A) observed that the assessee entered into Memorandum of Understanding (MoU) with the vendee, dated 12.11.2010, as per which the vendee had requested the assessee not to encash the cheques given as sale consideration without prior intimation as the funds are being arranged and to which the assessee had agreed and assured that he would allow 24 months time to arrange the funds to cover the cheques given as sale consideration and agreed to pay an interest of 13% per annum. The Ld.CIT(A) observed that the MoU did not specify about any litigation to the property nor laid down any condition to the transfer effected under the registered sale deed dated 12.11.2010. The Ld.CIT(A) further observed th....

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.... by the assessing officer is not justified in law. 4. In the facts and circumstances of the case, the subject matter of the assessment since amounted to assessment of hypothetical income duly determining the STCG at Rs.44,77,100/- is therefore objected to. 5. Appellant reserves the right to add, amend and alter the grounds as the occasion may warrant. 6. For these and other grounds of appeal that shall be added at the time of hearing, the appellant prays that the assessment be cancelled. The sole contention of the assessee is that the Ld.CIT(A) erred in confirming the addition made by the AO on the consideration which was not actually received by the assessee in his hands. Therefore, requested to set aside the ....