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2017 (11) TMI 189 - AT - Income TaxCapital gain computation - ownership on property sold - assessee has entered into sale-cum-GPA with Mr. Kistaiah and others and agreed for a consideration - Held that:- The assessee has entered into sale-cum-GPA with Mr. Kistaiah and others and agreed for a consideration of ₹ 47 lakh and received 46 lakhs. With regard to balance of ₹ 1 lakh, there is no evidence of any receipt nor there is any sale deed to complete the transaction as per the above agreement. Since, the assessee has received major portion of sale consideration and as per the various clauses of the agreement, the GPA holders will govern the property and receive the rent. It shows that the administration of the property was already passed on to the GPA holders. Accordingly, the assessee has no control over the property. The vendors are Mr. Kistaiah and others by virtue of deed 1764 of 2007, dtd. 28/09/2007 and the deed is still alive, not revoked. It clearly indicates that the claimants are GPA holders and not the assessee nor they represented the assessee. What is relevant is the physical evidence available on record not the assumptions or presumptions of the AO. Further, the assessee’s husband took loan from Repco Bank and the same was paid directly to the vendors account and whatever remaining balance was also settled to them. AO has not brought on record anything contrary that the assessee has indirectly benefitted in this transaction or the sale consideration was redirected to the assessee or husband of the assessee. Merely relying on the assumptions and just because the property was purchased by assessee’s husband, it does not mean that there exists some kind of foul transaction and without bringing on record any cogent material to support the AO’s contention, AO cannot presume facts. - Decided against revenue
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