2025 (9) TMI 742

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....r the A.Y. 2016-17. 2. The assessee has raised the following grounds of appeal : " 1. The order of the Ld. CIT(A) NFAC, Delhi passed under Sec.250 dt. 1.2.2024 for the A.Y. 2016-17 may be erroneous both in law and also on facts of the case. 2. Taking cognisance of the fact that the property under consideration, viz.. was alienated by the assessee in favour of M/s Maytri constructions by means of PART PERFORMANCE referred to in Sec.53A of Transfer of property Act, 1882 read with Sec 2(47) (v) of the I.T. Act. 1961,the CAPITAL GAIN arising out of such transaction by virtue of the Sale Agreement dt.24.11.2014 which is authenticated by payments reflected in the Bank account, the Authorities ought to have noticed that the LT....

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....wards L.T.C.G. may be superfluous and may not be SUSTAINABLE in the eyes of low." 3. The brief facts of the case are that the assessee is an individual, filed his Return of Income ("ROI") for A.Y. 2016-17 on 31.03.2017 declaring total income of Rs. 4,78,430/-. Subsequently, the case of the assessee was selected for scrutiny and the Learned Assessing Officer ("Ld. AO") completed the assessment u/s.143(3) of the Income Tax Act, 1961 ("the Act") on 24.12.2018 making addition on account of Long Term Capital Gain ("LTCG") of Rs. 95,82,388/- and under the head 'income from other sources' towards unexplained cash credit of Rs. 57,29,000/-. 4. Aggrieved with the order of Ld. AO, the assessee filed appeal before the Ld. CIT(A). The Ld. CIT(A) ....

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....d at Rs. 44,77,590/-. Subsequently, all the four lands were registered in the name of the assessee and the co-owner through registered deed, the details of which are as under : S.No. Doc No. Date of Reg. Amount (Rs.) 1 1309/2008 18.03.2008 11,31,455.00 2 1310/2008 18.03.2008 11,07,365.00 3 1744/2008 08.04.2008 11,31,430.00 4 1745/2008 08.04.2008 11,07,340.00     Total 44,77,590.00 Assessee's share (50%) comes to Rs. 22,38,795/-. The Ld. AR further submitted that, out of total purchase cost of land, only Rs. 12,16,620/- was paid in cash and rest of the payments were made through banking channel, for which, the details of payments made to the vendor wa....

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....he basis of consideration paid / received as per unregistered purchase deed and sale deed. However, during the assessment proceedings, the Ld. AO rejected the working of the assessee, contending that the unregistered sale deeds are not reliable and are not valid in the eyes of law. The Ld. AO took the sale consideration of Rs. 1,84,81,000/- as per the registered deed and allowed the index cost on the purchase of land on the basis of cost mentioned in registered deed. Accordingly, the Ld. AO worked out the LTCG at Rs. 95,82,388/-. Further, the Ld. AO made an addition of Rs. 57,29,000/- under the head 'income from other sources' as unexplained cash credit treating the excess amount received by the assessee as per unregistered deed, over the a....