TaxTMI 
TaxTMI 
2023 (2) TMI 914
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....17.02.2015 passed by ITO, Ward-1(1), Noida (hereinafter referred to as "Ld. AO") for AY 2010-11 wherein the appeal preferred by the assessee was partly allowed. 2. The dispute between the revenue and the assessee arises out of transfer of a plot in favour of the assessee by one Sri Charan Singh. The assessee claimed before the Ld. AO, that it was a gift made to her on 15.04.2009 by her maternal uncle who had executed a gift deed on 15.04.2009. It was claimed by the assessee that as authorities were not transferring the property merely on the basis of gift, the maternal uncle had also executed agreement to sell without possession dated 13.05.2009, a notarized Will dated 25.03.2009 and also executed registered GPA dated 13.05.2009. Subsequen....
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....aid by cheque. So, there was no failure to explain source. 4. The Ld. First Appellate Authority in its impugned order has observed that the amendment brought by Finance Act, 2010 has been correctly invoked by the Ld. AO considering the transfer to be deemed gift, however, in regard to addition of Rs. 4,00,000/- the Ld. First Appellate Authority gave relief to the assessee to the extent of Rs. 3,00,000/- which were explained by the assessee from the bank statement showing that Rs. 4,00,000/- were transferred by the husband of appellant, however, Rs. 1,00,000/- which was shown prior to receipt of Rs. 4,00,000/- from her husband was found to be correctly assessed as unexplained investment in plot and to that extent it was confirmed. 5. The a....
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....the provisions Section 56(2)(vii)(b) of Act which was effective from 01.10.2009 only, while documents of transfer in the form of gift deed was executed on 25.03.2009 followed by registered Will dated 13.05.2009, registered agreement to sell (without possession) and a registered GPA on 13.05.2009. Thus, all these documents were prior to 01.10.2009 i.e. date from which amendment of 2010 became effective retrospectively from 01.10.2009. It was contended that out of ill advise and due to some confusion created by registration authorities documents of all sorts were executed to protect the interest of assessee while it was a simple gift with effect from 25.03.2009. It was submitted that the ld. Revenue authorities below wrongly considered the tr....
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....ment to sell (without giving possession) dated 13.05.2009 (page no. 41 of the PB). In this sale consideration has been shown to be Rs. 4,00,000/-. The recital shows payment of Rs. 1,00,000/- as part payment made in cash. This agreement also mentions possession will be transferred at the time of execution of sale deed/ transfer deed. A general power of attorney was executed on 13.05.2009 by Sh. Charan Singh in favour of the Ravinder Singh, son of Bhag Singh. The same is on record at page no. 146 of the PB. 0000. Then lastly there is Transfer Deed of lease hold rights executed and registered on 23.10.2010. 10. Thus, what can be concluded is that the gift document of 15.04.2009 was the first document of a voluntary transfer of interest in imm....