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2019 (1) TMI 209 - AT - Income TaxCapital gain - tax liability - transfer u/s 2(47) of asset - whether transfer has taken place as on the date of execution of GPA dated 29/05/2002 or as on the date of registration of sale deed dated 20/11/2006 - Held that:- We find that the assessee executed GPA on 29/05/2002 and in the GPA there is no sale consideration and not handed over the possession, it is only general GPA, therefore it cannot be said that on the date of execution of GPA, the assessee has transferred the property. Therefore, the Assessing Officer has rightly held that the property is transferred only on 20/11/2006 on the date of registration of sale deed by GPA holder on behalf of the assessee. CIT(A) has considered the GPA and remand report and gave a categorical finding that the transfer of the property is taken place only on 20/11/2006 and upheld the order of the Assessing Officer. Therefore, it cannot be said that the transfer has taken place through GPA on 29/05/2002. Thus find no reason to interfere with the order passed by CIT(A). Argument of the assessee that on the date of execution of GPA dated 29/05/2002, the transfer has taken place in the light of section 2(47)(vi) we find that the assessee’s case does not come under the purview of section 2(47)(vi), and therefore, it cannot be said that the assessee along with Smt. Adhikari Syamala has transferred the property on 29/05/2002 on the date of execution of GPA. In the case of C. Sugumaran [2014 (11) TMI 320 - MADRAS HIGH COURT] has considered the provisions of section 2(47)(vi) and held that, to attract the above section, two conditions must be fulfilled, assessee must have received consideration and possession should be given. If the above two conditions are not fulfilled, it cannot be said that there is a transfer of property as per section 2(47)(vi) of the Act. In the present case, the assessee neither received any consideration nor possession is handed over to the GPA holder, therefore, section 2(47)(vi) has no application.- Decided against assessee
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