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2014 (4) TMI 349 - AT - Income TaxTaxability of capital gain on transfer of property u/s 50C of the Act – Computation of LTCG – Held that:- There is no evidence regarding payment of consideration by the transferee and also taking possession of the immovable property immediately after the execution of the agreement - The transferor had at any time not ceased to be the owner of the property by virtue of any agreement entered by the assessee and Smt. Neeraja Reddy - the assessee executed Special Power of Attorney in favour of Smt. Neeraja Reddy by her nominee, the transfer of the immovable property is not completed as on date and evidence brought on record by the assessee does not suggest transfer of property took place in the year 1994. The assessee miserably failed to prove the transfer of property in the year 1994 - the immovable property is sold only on 23rd October, 2007 to Sri G. Srinivasa Reddy by way of sale deed - Smt. Neeraja Reddy has not derived any control over the ownership of the property in the year 1994 through the Special Power of Attorney executed by the assessee - The Special Power of Attorney is only a facilitator to perform certain actions and things on behalf of the assessee - the transfer took place vide sale deed executed on 23.10.2007 in favour of Sri G. Srinivasa Reddy and the lower authorities are justified in invoking the provisions of section 50C to determine the sale consideration and to bring the capital gain to tax – there was no infirmity in the order of the CIT(A) – Decided against Assessee.
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