TaxTMI 
TaxTMI 
2025 (5) TMI 1939
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....ent Year 2015-16. 2. The appeal is time barred by 19 days in filing the appeal by the assessee. However, the assessee filed a condonation petition saying that after obtaining the copy of the order passed in appeal, it handed over the same to its ld. Counsel for filing the appeal. The said Counsel on account of his health and travel outside the State could not prepare and file the appeal before the Tribunal. The said counsel undertook to prepare the appeal and filed the same on 13.12.2023. Therefore, he pleaded to condone the delay. 3. Considering the facts and circumstances of the case, we are inclined to condone the delay since the delay is not due to negligence on the part of assessee and the assessee has established sufficient caus....
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....r Prem Kunj, Patna 25,00,000/- 13,48,000/- 11,52,000/- TOTAL 25,71,276/- 5. So far as Serial No. 3 is concerned (Flat No. 403), the flat was allotted to Shri Ranjan Kumar, Director of the Company at a price of Rs. 13,48,000/- on 12.02.2010. The ld. Assessing Officer further mentioned that as per the information available on record, the appellant has sold the flat bearing Flat No. 204 at Ram Shyam Apartment for a consideration of Rs. 25,79,477/-, which has not been included in the sale consideration. The appellant had entered into sale agreement with Smt. Awadh Kumari on 11.10.2003 for sale of Flat No. 204 in Ram Shyam Apartment, Ashok Nagar, Patna for a consideration of Rs. 3,60,000/-. The sale consideration of R....
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.... by the assessee but upheld the order passed by the ld. Assessing Officer. 7. On being aggrieved, the assessee preferred an appeal before the ITAT and raised the following issues:- (1) The assessment made by ld. CIT(Appeals) is bad in the eyes of law and contrary to actual facts. (2) The Ld. CIT(Appeal) had totally ignored actual facts of the transaction related to sale of flats and actual scenario of Flat. (3) Flat No 204 of RAM SHYAM APARTMENT at Ashok Nagar, Patna was already sold to Smt. Awadh Kumari in 2003 at Rs. 400 per Sq. Ft. having total area of 900 Sq. Ft. the total sale consideration was Rs. 3,60,000/- (Rupees Three Lakhs Sixty Thousand Only). (4) The sale agreement was made on 11/10/2003 b....
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....Shri Gautam Krishna on 08.01.2015. The ld. Counsel further submitted that the assessee-company has not received any sale consideration from Shri Gautam Krishna but the sale deed was executed in favour of Shri Gautam Krishna as per the stamp duty value as on 01.02.2015 mentioning the value of the sale deed as Rs. 25,79,477/-. Therefore, he pleaded to delete the addition made by the ld. Assessing Officer. 9. On the other hand, it was the submission of the ld. Departmental Representative that there was no recital on the sale deed establishing the fact that the flat bearing no. 204 was sold to Smt. Awadh Kumari on 11.10.2003 for a consideration of Rs. 3,60,000/- and as per her request, the registration was done in the name of Shri Gautam Kri....
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....thorities. 10. We have perused the relevant material available on record. It is an admitted fact that there was no recital in the sale deed, which was executed by the assessee-company in favour of Shri Gautam Krishna about the previous transaction/agreement of sale deed/handing over the possession of the flat bearing no.204 to Smt. Awadh Kumari from the assessee-company. It is also an admitted fact that the alleged agreement of sale between the assessee-company and Smt. Awadh Kumari neither registered nor it was executed on the stamp paper. Admittedly, it is a simple black and white paper. It is also an admitted fact that the assesese-company offered the capital gains for sale of flat bearing no. 204 in the financial year 2003-04. We hav....
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....ution of the sale deed, the assesese-company/ Attorney has received the entire sale consideration and the possession of the flat was handed over to Shri Gautam Krishna on the date of execution of sale deed i.e. on 08.01.2015. 12. So far as the contention of the assessee regarding offer of capital gains for sale consideration of flat bearing no. 204 is concerned, no doubt, he has offered the capital gains for the year 2003-04, but at the same time, the property was registered in the name of third person, i.e. Shri Gautam Krishna on 08.01.2015. Therefore, the burden heavily lies on the assessee company to establish that there was a valid sale of immovable property between the assessee and Smt. Awadh Kumari, the assessee-company in order to....