TaxTMI 
TaxTMI 
TaxTMI 
2022 (10) TMI 688
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....erabad Bench 'A', Hyderabad (Tribunal) in I.T.A.No.781/Hyd/2015 for the assessment year 2010-11. 3. This appeal has been filed proposing the following questions as substantial questions of law: 1. Whether on the facts and in the circumstances of the case the Appellate Tribunal was justified in confirming the addition made by the Assessing Officer, overlooking the peculiar facts and circumstances of the case, more particularly intention of the parties with regard to the conditional sale transaction, and also provisions of the Law, which would render the ultimate conclusions of the Tribunal perverse ? 2. Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal was justified in rejecting the adjournment....
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....ction 147 of the said Act. 6. We have carefully gone through the order of assessment dated 22.01.2014 and find that assessing officer had elaborately considered the agreement of sale, power of attorney and sale deed registered on 20.04.2009. Assessing officer thereafter held as follows: Accordingly, in the present case, the capital gain is computed on the basis of sale deed registered on 20th April 2009 and applied the 50C provision since the market value of the property was mentioned Rs.3,05,11,300/-. The assessment is concluded accordingly. Penalty proceedings U/s.271(1)(c) is initiated separately with the reason that there is a clear escapement of income was found and the assessee has not filed his return of income till the issue w....
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....transaction was done only to avail the loan by mortgaging the property. After considering the contention of the appellant, CIT(A) dismissed the appeal by holding as under: The assessment order, the submissions of the assessee during the assessment proceedings and the appellate proceedings and the documents placed on record are considered. It is seen that there is no ambiguity as to whether there is transfer within the meaning to Section 2(47) on account of execution of the document dated 29/04/2009. The document clearly records that the consideration has been received and the possession has been handed over to the purchaser. The assessee's reliance on earlier transaction and application of part of consideration for repayment of money ....
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....ion 2(47) of the Income Tax Act, 1961 giving rise to capital gains as evidenced by the document dated 29/04/2009 between the assessee and Smt. K. Manju Devi Taparia. Accordingly, the action of AO in assessing the capital gains is confirmed and the assessee's appeal on this ground is dismissed. 9. On further appeal, Tribunal dismissed the appeal on 02.09.2022 holding as follows: We have given our thoughtful consideration to rival pleadings against and in support of the impugned addition. We find no reason to express our concurrence with this taxpayer's stand. This is for the reason that he has already executed the impugned registered sale deed; treated as a valid transfer u/s.2(47)(v) of the Act which is deemed to have superceded t....
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....light of his registered sale deed dt.20-04-2009. We accordingly uphold the impugned long term capital gain addition in assessee's hands. All the assessee's applications/petitions seeking to admit additional grounds and evidence shall be deemed to have been disposed of in light of our foregoing detailed discussion. We lastly acknowledge that although the instant lis is being decided after a period of 90 days from the date of hearing as per Rule 34(5) of the IT(AT) Rules 1963, the same however, does not apply in the covid lockdown situation as per hon'ble apex court's recent directions dated 27-04-2001 in M.A.No.665/2021 in SM(W)C No.3/2020 'In Re Cognizance for extension of limitation' making it clear that in such cases....