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2022 (3) TMI 671 - AT - Income TaxCapital gain on sale of land - assessee along with his four other co-owner sold the land - HELD THAT:- It is admitted fact that sale deed was executed on 23.03.2012 and was presented for registration on 23.03.2012 itself. Assessee along with his four co-owner acknowledged in the sale deed that entire sale consideration of ₹ 15.00 Cores is received before on 23.01.2012. Detail of all payments is duly reflected in the sale deed - the assessee and his co-owner has acknowledged and accepted that first party (assessee and his brother) handed over the peaceful possession to the transferee. As per section 54 of Transfer of Property Act, the sale of immovable property is complete on receipt of consideration and registration of deed of transfer and paid stamp duty chargeable by State Government. Before us, the ld AR for the assessee strongly relied on 'Kabja Rashid’ dated 04.04.2012. The document dated 03.04.2012 (Kabja Rashid) cannot replace legality and authenticity of registered sale deed dated 23.03.2012. Thus, the document produced by assessee i.e. 'Kabja Rashid’ to claim the capital gain in subsequent assessment order does not inspire of confidence, which cannot substitute the evidentiary value of registered instrument. CIT(A) in accepting the plea of assessee, that sale deed was executed on 03.04.2012, is factually incorrect. In fact, the transaction of transfer of immovable property would take effect from the execution of the sale deed - mere registration number, volume number and additional book number and pages number is given to the sale deed for the purpose of identification of sale transaction. The specific registration number was recorded on the registered document on 03.04.2014. So far as, the submission of assessee and observation of CIT(A), with regard to taxing of long term capital gain in the hand of co-owners in subsequent assessment order is concern, we find that observation of ld. CIT(A) and submission the assessee are misplaced. Assessee can claim parity under law only on the basis of legally and sustainable view taken in case of co-owners. We are further view that if some wrong approach was adopted which is not in accordance with mandate of law, is accepted in case of other co-owners, the assessee cannot take benefit thereof. Therefore, the order of ld. CIT(A) is set aside.
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