TaxTMI 
TaxTMI 
2024 (7) TMI 897
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....of Rs. 33,73,120/-. 3. Briefly the facts are, the assessee is a non-resident individual. For the assessment year under dispute, the assessee had filed his return of income on 08.12.2020 declaring income of Rs. 32,27,218/- and claiming refund of Rs. 24,99,640/-. In the year under consideration, the assessee sold two immovable properties, one being a residential property, bearing unit no. MGE TW-19/16/25a, Fairway West, M3M Golf Estate, Sector-65, Gurgaon, Haryana, for a total sale consideration of Rs. 3,05,00,000/-. Whereas, the second property sold by the assessee was a commercial property bearing Shop No. G-35, Ground Floor at Baani Square, Mayfield Garden, Sector-50, Adampur, Gurgaon for a total consideration of Rs. 59,60,000/-. In the c....
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....ons of the assessee on the issue, learned DRP directed the Assessing Officer to pass a speaking order after taking into account the submissions made by the assessee before him. However, in the final assessment order, the Assessing Officer again made the addition of Rs. 33,73,120/-, being long term capital gain from sale of commercial property. 5. Before us, learned counsel appearing for the assessee submitted that the commercial property was originally owned by Mr. Rajan Chanana, who had entered into an agreement with the developer of the property, namely, M/s. Baani Technology Services (P) Ltd. for purchasing the property for a total consideration of Rs. 21,65,280/-. He submitted, subsequently, the assessee entered into an agreement to sa....
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....ed dated 13.03.2019 executed between M/s. Baani Technology Services (P) Ltd. and the assessee. However, the agreement to sale between the assessee and Mr. Rajan Chanana and the letter issued by Mr. Rajan Chanana to M/s. Baani Technology Services (P) Ltd. nominating assessee in his place, the undertaking of the assessee to M/s. Baani Technology Services (P) Ltd. clearly reveal that the assessee had paid an amount of Rs. 45 lakhs towards sale consideration of the property to Mr. Rajan Chanana, who was allotted the property by the developer, M/s. Baani Technology Services (P) Ltd. It is further evident, Mr. Rajan Chanana was given allotment of the property by the developer on payment of sale consideration of Rs. 21,65,280/- along with stamp du....