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2023 (7) TMI 1196 - ITAT HYDERABADCapital gain on sale of land - transfer of capital asset u/s 2(47) - year of assessment - AO held that the land was to be taxed to capital gains in the A.Y: 2004-2005 and not inA.Y:1995-1996 - HELD THAT:- Case of the assessee for transfer of immovable property through the oral agreement do not fall in any of the limb of section 2(47) of the Act. The present case is neither a case of sale nor exchange nor relinquishment or extinguishment of any right in the year 1994 or 1995. Infact, the registered sale deed document was executed by the assessee in favour of the purchaser on 29.08.2003 and therefore, the transfer had taken place in the A.Y. 2003-04. Therefore, the view taken by the lower authority cannot be faulted with. In the remand proceedings before the Assessing Officer no evidence of transfer of the land had been filed by the assessee except the letter issued by M/s. Janapriya Projects. Even the said letter does not bear the date of taking over the possession of the subject matter of land and this letter also undated. In the said letter, it was mentioned that the possession was taken over through the Irrevocable General Power of Attorney in the year 1994, however, no such Power of Attorney in respect to the survey no.671 was produced before the lower authority or before us by the assessee. In the said letter of Janapriya Engineers before the Court of law, however, no such evidence was filed before us showing that the land falling in survey no. 671 was subject matter of legal litigation before any Court of Law. Assessee had neither brought on record the evidences of land dispute before us nor before the lower authorities evidencing that the land falling under survey no. 671 was the capital asset in the records of Janapriya Engineers Syndicate w.e.f. 1994. Considering the case from any point of view, we do not find any reasons to interfere with the order of the ld.CIT(A). - Decided against assessee.
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