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2006 (6) TMI 70 - HC - Income TaxCapital gains - transfer of interest in immovable property - Tribunal accepted the contention of the assessees that there was no evidence of the assessees having obtained a sum of Rs. 10,00,000 by way of pakidi from their tenant one Sundaresa Pai to whom the ground floor of a commercial building, was let out as per an unregistered lease deed - Supporting the order of the Tribunal assessee submit that there was no transfer of interest in immovable property either under the provisions of the Act or under the Transfer of Property Act, 1882, so as to attract capital gains. - we are of the considered view that the Revenue should be given an opportunity to find out whether Rs. 10 lakhs or any amount by way of pakidi was received by the assesses - orders of the Tribunal, appellate authority and the original assessing authority are set aside and the matter is remitted to the original assessing authority for a revised assessment after giving the Revenue as well as the assessees an opportunity to substantiate their respective contentions
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