2022 (12) TMI 428

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....G. Jasnani ORDER PER S. S. GODARA, JM:   This assessee's appeal for assessment year 2012-13 arises against the CIT(A)-1, Aurangabad's order dated 27.02.2017 passed in case no. ABD/CIT(A)-1/317/2015-16, involving proceedings u/s 144 r.w.s. 147 of the Income Tax Act, 1961; in short "the Act". Heard both the parties. Case file perused. 2. Coming to the assessee's first and f....

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....he date of conversion. ii.) The 37 plots bearing Nos. 76 to 83, 84 to 93, 94 to 98, 158 to 164, 175, 177 to 182 & 184 admeasuring 4580.77 sq. mtr./ 49,288 sq. ft. at Survey No. 186 in question have been sold for a consideration of Rs.74,42,563/- on 15.04.2011. However the stamp duty valuation of the same was taken at Rs.12,60,000/- by the State Government Authorities. The same will repres....

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.... the basis of sale instance. The AO has gathered one sale instance from the Joint Sub- Registrar, Class-2, Jalna wherein land admeasuring 3 acres 1 guntha at Survey No.43, Village Kharpudi was sold for Rs.6,000/- vide sale deed No.138 dated 15.01.1981 by Lalubhai, son of Ramjan to Amenabee, wife of Kale Khan of Jalna. The cost of acquisition of land measuring 4580.77 sq. mtr. (1 acre 30 gunthas) i....

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....had converted his capital asset(s) to stock-in-trade. This assessee's argument also fails to inspire any acceptance as section 45(2) is a specific provision wherein capital gains arising from such a conversion are assessed in the year of actual transfer of the stock-intrade. We thus uphold the learned lower authorities' action; more, particularly the CIT(A)'s action assessing the impugned long ter....