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2023 (10) TMI 1264 - ITAT PUNEAccrual of Capital gain - sale of land or not? - real owner - transfer u/s 2(47) concluded of capital asset or not? - Assessee pleaded before the AO that it was a “Watan Land” hence there will be no cost of acquisition and hence no capital gain - assessee also pleaded before AO, that no possession has been handed over, only 10% of the total consideration has been received by the assessee and land has been acquired by the Government - AR submitted that Government of Maharashtra has passed an order vide which Government of Maharashtra held that land belongs to “CIDCO” HELD THAT:- As on perusal of the Sale deed it is observed that said Sale Deed there is 7/12 extract duly signed by “TALATHI” i.e. revenue officer which shows the Assessee as Owner of the impugned Land. Thus, as per the said 7/12 extract the Assessee seems to be owner of the Land on 31/07/2008. CIDCO has been shown under the other rights. In these facts, CIT(A)’s findings that assessee was not the owner of the land at the time of sale is factually incorrect and this fact needs further investigation. It is also a fact mentioned in the Revenue Minister’s Order dated 24/11/2008 that the impugned land was ‘Watan Land’. Assessee has filed copy of Sanad granting Watan to the assessee. AO and Ld. CIT(A) has not mentioned about the Sanad granting ‘Watan’ to the assessee. This aspect has not been considered by the AO and Ld. CIT(A) in the order while deciding the issue of Cost of acquisition for Long Term capital Gain. Also pleaded before us that the possession of the impugned land was never handed over to the purchaser Mr. Kukreja. AO in the Assessment Order has mentioned that Possession of the land was transferred over to Kukrejas. Subsequently the AO in the remand report submitted to the Ld. CIT(A) admitted that the possession of the impugned land was with the CIDCO. Thus, there are major factual errors in the Assessment Order and ld. CIT(A)’s order. Assessment Order is set aside to the Assessing Officer for denovo adjudication after considering all the submission of the assessee and after making necessary inquiries if required. Grounds of appeal raised by the Assessee are allowed for Statistical Purpose.
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