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2017 (8) TMI 407

Head Note / Extract:
Determining the income of the assessee - Capital gain - Transfer u/s 2(47) - joint ownership - registration of agreement to sell - section 50C applicability - Held that:- There is no doubt that agreement to sell the plot of land was not registered with the stamp duty authorities. Even the buyer of the plot admitted that registration had not taken place. Secondly,the buyer had not adhered to the payment schedule. It is also a fact that as per the revenue records the assessee and the other co-owners of the owner of the plot of land though the possession of the plot is with the buyer.Considering these peculiar facts and circumstances we are of the opinion that there was no transfer of plot of land as envisaged by the provisions of section 2 (47) of the Act read with section 53A of the Transfer of Property Act. After going through the paper book we find that the AO had made the reference to the valuation officer u/s.142 and not u/s.55A of the Act. Clearly, the reference was not in accordance with the provisions of the law. As far as applicability of section 50C is concerned it is sufficient to say that provision of the said section were not applicable to the facts of the case under consideration - Decided in favour of assessee.


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