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2014 (6) TMI 222 - ITAT CHENNAIRejection of sale consideration – Computation of LTCG – Valuation u/s 50C made by AO – Held that:- The assessees had sold two properties to M/s. Ponmudi Muthusamy Gounder Trust – CIT(A) has dismissed the appeals of the assessees on the ground that the assessees have not been able to produce any document showing cancellation of sale deeds - an Award of Lok Adalat either on merits or in terms of settlement agreement shall be final and binding on all the parties and on persons claiming under them - the sale deeds have been declared as null and void by the award of Lok Adalat, there is no further requirement for seeking cancellation deeds – thus, the matter is remitted back to the AO and the assessees are directed to produce a certified copy of the Lok Adalat Award dated 8.12.2012 before the AO – Decided in favour of Assessee.
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