TaxTMI 
TaxTMI 
2023 (8) TMI 1072
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.... the assessee has filed this appeal on the grounds mentioned in Appeal- Memo. 2. Heard the learned Representatives of both sides at length and case-records perused. 3. Brief facts are such that the AO, from the information reflected in Annual Information Return (AIR), found that the assessee sold an agricultural land situated at Village Kanadia, Patwari Halka No. 23 (New 58) Survey No.150/3, jointly with other three persons for a total consideration of Rs. 68,00,000/- (actual sale consideration was Rs. 20,00,000/- but the stamps authority valuation was Rs. 68,00,000/-) and earned capital gain which had escaped assessment. The AO issued notice u/s 148 on 25.03.2019 followed by notice u/s 142(1) which remained un-complied with by the assess....
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....tural land on 21.03.2011 and, therefore, eligible for exemption u/s 54B which should be allowed. The assessee also filed additional evidences before the CIT(A) in support of claim of exemption but the CIT(A) did not grant any relief on that count also. This way, the assessee could not get any success in first appeal. 5. Still aggrieved, the assessee has come before us in this appeal. 6. Ld. AR for the assessee carried us to the documents filed in Paper- Book. He drew our attention to page no. 27-50 of the paper book where a copy of registered sale-deed of the impugned land is filed. Referring to Page No. 1 (first page) and 10 (last page), he showed that the sale-deed was actually executed on 22.03.2011. Then, referring to the back of seve....
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....the assessee has sold property on 22.03.2011 itself and the time taken in final registration might be on the part of deficient payment of duty/fee by the buyer. Ld. AR submitted that as far as assessee is concerned, the transaction has been fully completed on 22.03.2011 falling within the previous year 2010-11 and therefore the capital gain had arisen in AY 2011-12. Therefore, the AO has wrongly assessed capital gains in AY 2012-13 which deserves to be deleted. Without prejudice, Ld. AR also submitted that the assessee has made investment in new agricultural land and the evidences were filed before CIT(A) and also filed in the paper book, therefore the exemption u/s 54B must be allowed to assessee. 7. Ld. DR for the revenue opposed the sub....
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....xchange for a price paid or promised or part-paid and part-promised". Thus after the execution of the sale deed with consideration all the ingredients of sale are fulfilled except that in case of tangible immovable property of the value of Rs. 100 and upwards it can be made only by registered instrument. Now, if we read Section 47 of the Registration Act, it clearly provides that a registered document shall operate from the time from which it would have commenced to operate if no registration thereof had been required or made and not from the time of its registration. This provision makes it clear that after the registration it will relate back to the date of execution of the sale deed. The act of registration is to be performed by the regi....