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2015 (7) TMI 605 - ITAT HYDERABADAddition for long term capital gains - CIT(A) deleted the addition - Held that:- In the present case, there was however no such contract in writing entered into in the previous year 1994-1995 in respect of land in Survey Nos.668 and 671 singed by the assessees from which the terms necessary to constitute the transfer could be ascertained with reasonable certainty and the oral agreements stated to be entered into by the assessees, in our opinion, cannot be said to have resulted in transfer of the land as envisaged in the provisions of section 2(47)(v) of the Income Tax Act read with section 53A of Transfer of Property Act even though it is accepted that the possession of the said land was taken by the transferee in that year. At the time of hearing before us, Ld. Counsel for the assessee has not been able to raise any material contention to dispute this position. We uphold the impugned orders of the Ld. CIT(A) passed in the case of Smt. Allam Maisamma and Mr. Allam Ayalaiah (L.R. of late Allam Adavaiah) holding that their respective lands in survey Nos.662 and 663 having been transferred in the previous year relevant to A.Y. 1995-1996 within the meaning of section 2(47)(v) read with section 53A of the Transfer of Property Act, the addition made by the A.O. on account of capital gain in the year under consideration was not sustainable. The impugned order of the Ld. CIT(A) passed in the case of Mr. Allam Krishna holding that there was a similar transfer of the land belonging to him in survey No.668 and 671 in A.Y. 1995-1996 however is set aside in the absence of any contract for transfer in writing and the matter is restored to the file of the A.O. for the limited purpose of examining and deciding the new issue raised by the assessee for the first time before the Tribunal by way of additional grounds. In so far as the case of Mr. Alam Ayaliah L.R. of late Allam Adavaiah is concerned, the impugned order passed by the Ld. CIT(A) is upheld only to the extent whereby she held that there was a transfer of land belonging to him in survey No.662 and 663 within the meaning of section 2(47)(v) read with section 53A of the Transfer of Property Act in the previous year relevant to A.Y. 1995-1996 and therefore, the capital gain attributable to such transfer was not chargeable to tax in the year under consideration. The said order of the Ld. CIT(A) holding that there was similar transfer of land belonging to assessee in survey No.671 in A.Y. 1995-96, however, is set aside in the absence of any contract for transfer in writing and this matter is restored to the file of the A.O. for the limited purpose of examining and deciding the new issue raised by the assessee for the first time before the Tribunal. - Decided against revenue.
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