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2020 (5) TMI 55 - AT - Income TaxCapital gain arising out of transfer of property - Agreement of Sale cum GPA and handing over of the possession - HELD THAT:- By virtue of the AGPA dt.29-11-2006, the assessee has parted with his right in the property because he had received the entire sale consideration as agreed to between both the parties and has also handedover the vacant possession of the property to the Vendee therein. It is also stated therein that the GPA is given to the Vendee for the convenience of the purchaser for doing the necessary acts and things on behalf of the Vendor and the Vendee therein. Since the Vendee has paid the entire sale consideration and has taken possession of the property, the Vendee becomes the owner of the property u/s.53A of the TP Act and u/s.2(47) it is a transfer of the property. The Vendee has executed the Sale Deed by virtue of the said AGPA, as he has sold the property to another party for ₹ 9,90,000/-. The sale of the property by the Vendee cum AGPA-holder cannot be considered as sale of property by the assessee. Except being described as the Vendor, the assessee is neither a signatory to the subsequent Sale Deed nor is he the recipient of any of the sale consideration - It is held that the assessee is not liable for tax on any capital gain arising out of transfer of property vide Document No.1610/2012, dt.14-03-2012. Accordingly, the appeal of assessee is allowed.
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