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2015 (11) TMI 745 - AT - Income TaxComputation of capital gain - whether transfer was complete during the financial year 2004-05 and not in the impugned assessment year, therefore, no capital gain was accrued in the impugned assessment year? - CIT(A) deleted the addition - Held that:- Assessee has placed ample evidence on record to establish that the sale agreement was executed on January 27, 2005 and the sale consideration was paid on two occasions - one is on January 10, 2005 and the other is on March 31, 2005. The possession was also handed over to the buyer. The sale agreement is a registered document. Commissioner of Income-tax (Appeals) has examined this issue in the light of the provisions of section 2(47)(v) and 2(47)(vi) of the Act and 53A of the Transfer Property Act. Before taking a view in this regard, the learned Commissioner of Income-tax (Appeals) has also called a remand report which was also confronted to the assessee and comments were also obtained from the assessee. Having taken into account all these facts, the learned Commissioner of Income-tax (Appeals) has taken a view that the capital gain does not arise in the impugned assessment year, as it arise in the financial year 2004-05 relevant to the assessment year 2005-06 and the Assessing Officer may consider computation of capital gains in that assessment year. Since it has been established that the transfer took place as per the provisions of section 2(47)(vi) of the Act, no capital gain can be computed in the impugned assessment year. We, therefore, find no infirmity in the order of the learned Commissioner of Income-tax (Appeals) and we confirm the same. - Decided against revenue
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