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2008 (1) TMI 901 - SC - Income TaxComputation of capital gains - transfer of 7,000 sq. land - such land divided in 24 plots and transfer to different 24 person - scope of section 2(47)(v) read with section 53A of the Transfer of Property Act - erroneous order of the Tribunal - HELD THAT:- It may be noted that there is nothing on record to indicate the name of the applicant who had applied for sub-division. No revenue or municipal records have been produced which could have indicated as to whether the area admeasuring 7,000 sq. ms. or a part thereof stood conveyed and delivered to M/s. Kumaon Construction Ltd. at the relevant time. It is not clear as to how many plots stood conveyed and how many plots remained. In the absence of basic facts which are primary facts, we are of the view that the Tribunal could not have allowed the appeal in favour of the assessee. What is the indexed cost of each plot is not mentioned. Unfortunately, none of the aspects have been considered even by the High Court in its impugned judgment. Hence, we remit the matters to the Tribunal for fresh consideration in accordance with law. We make it clear that the assessee shall file all relevant documents including conveyance(s) in favour of the nominees of M/s. Kumaon Construction Ltd., the relevant plan indicating sub-division of plots, copy of the application made to the competent authority for sub-division of the plots and lastly, the Municipal and Revenue records in which the relevant entries made regarding possession. Basically, the question would be how many plots have been conveyed, how many are retained, whether possession of the entire land was ever handed over to Kumaon Construction Ltd. and how was cost calculated by the assessee. Thus, the appeals stand allowed and the impugned judgments of the High Court and the Tribunal are set aside. The matters are remitted to the Tribunal for fresh consideration in accordance with law.
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