Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (5) TMI 574 - ITAT PUNEComputation of log term capital gains - transfer of share of the assessee [co-owner of the property having 1/24th share] in property situated at Survey No.1611, Shivaji Nagar, Pune. Held that:- As submitted by assessee he did enter into an agreement with Shri Sanjay Kakade for sale of his share in the property and the consideration was fixed between the parties at ₹ 93,75,000/-. In furtherance to the said contract, assessee received ₹ 60,00,000/-, however the balance amount was not received by the assessee. The family members had approached the civil court to restrain the assessee from selling the property without offering them the right to purchase. The learned Authorized Representative for the assessee has emphasized that the civil court vide its order dated 18.02.2008 restrained the assessee from going ahead with the sale. On this basis, the case set up is that the sale has not indeed fructified and therefore, no capital gain required to be taxed. It is also submitted at the time of hearing that the proceedings in the civil court are yet continuing. Documents, as submitted now, which bring out in detail the dispute is pending in the civil court, has been furnished before the Tribunal and it was not available before the lower authorities. Thus the points raised by the assessee is quite significant because if assessee is able to demonstrate that the sale agreement could not be fructified in view of the pendency of civil suit in question, obviously, no cognizance of the same can be taken for assessing any income from such an agreement till the outcome of the civil proceedings crystallized. Thus set-aside the order of CIT(A) and restore the matter back to the file of Assessing Officer to make an assessment afresh with regard to the transaction in question. - Decided in favour of assessee for statistical purposes.
|