TMI Blog2014 (3) TMI 356X X X X Extracts X X X X X X X X Extracts X X X X ..... ated 01.09.2006, no consideration had been paid by the assessee to the actual owner - In the sale deed as well, the assessee had merely acted as an agent - the stand adopted by the actual owner of having received Rs.25,00,000/-, at the time of executing power of attorney does not inspire confidence – the contents of a registered document cannot be disbelieved by a letter particularly without any other supporting evidence - earlier also the same owner had executed similar power of attorneys and revoked them later on – thus, the assessee could not have been treated as owner of the property sold on 23.10.2008 resulting in computation of capital gains in his hands – Decided in favour of Assessee. - I.T.A. No. 518/Mds/2013 - - - Dated:- 21-2- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he sale of plot by adopting value of the property at H60,00,000/- as the fair market value and index cost as H11,00,000/- as on 1.4.1981. Accordingly, he computed the total income as H61,25,290/- resulting in demand of H16,94,560/-. 5. In the lower appellate proceedings, the assessee contested the assessment order on three counts i.e. he had merely acted as power agent of the actual owner Shri. M. Viswanathan, value of the property taken for the purpose of section 50C as well as indexation (supra). The CIT(A) has turned down all his arguments. Therefore, the assessee is aggrieved. 6. Before us, the assessee reiterates the stand adopted in the lower appellate proceedings, and argues that he had acted as power of agent on behalf o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity for the purpose of the said sale or transfer. 05. To cause mutation where necessary effected in revenue records and to make such statements personally or through pleader or other agents to effectuate the aforesaid purpose. 06. To deliver vacant possession of the property sold to the Purchaser/s to be sold. 07. To apply for demolition and demolish the existing building in the schedule mentioned property. 08. To execute sale deed/s in fovour of the Purchaser/s for the said property as a whole or an undivided shares and also rectification deed/s if necessary. 09. To borrow money on the security of the schedule mentioned property from any financial insitutution /bank to create a m mortgage over the same to such an extent that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to MES and in that connection to sign application, indemnity bonds, as such other declarations, papers that may be necessary for getting supply. 20. To advertise for sale of the schedule mentioned property either as whole or as undivided shares. 21. To do all things necessary and essential for proper management of our property including disposal and completion of sale of the schedule property. And generally to do the such act are necessary and incidental in this regard. No consideration is received from power agent for giving this power of Attorney. The power agent shall maintain proper accounts and render the same. The property right has not been handed over the Power Agent . 9. It is to be seen from the case file that on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd hence building construction was banned under Coastal Regulation Zone Act. The plot was low lying and was being used for dumping garbage the dilapidated building was often misused by the antisocial elements which was one of the deterrents in developing/selling the plot. As I was in need of funds to clear certain debts and my health was not good, I appointed Mr. C Sugumaran S/o. Mr. Chenna Kesavan, residing at Door No. 29, Kaveri Street, Besant Nagar, Chennai 90 as my power of Attorney in order to sell the above property vide the General Power of Attorney dated 01.09.2006 and registered the same as Doc No.1936/2006, SRO Adyar Chennai. He approved me subsequently stating that he was also not able to find a suitable buyer but came fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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