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2018 (1) TMI 697 - AT - Income TaxAddition towards income from capital gains - real owner of land - valid transfer of asset - Held that:- Assessee was in way back in 1990. It is clear from the fact that assessee has to carry on certain obligations agreed with co-owners in between there were to the coowners. The assessee tried to pay the balance sale cancelled. It shows that assessee has never acquired ownership of the property as per the section 53A of the Transfer of Properties Act. “As per section 53A, where any property by writing signed by him or ‘transfer’ can be ascertained with reasonable certainty and transferee manner prescribed therefor by the law”. In the given case, assessee right to the assessee to claim the ownership of the property. It is ownership on the property. Ownership can be said to be acquired when ownership along with possession passed on. In the given case, assessee held the property without any title of the property. All along there are sale agreements entered into by the assessee with M/s NDL Estates Pvt. Ltd as a representative of the co-owners. As per the ownership title on the land. Since, assessee is not a real owner of the said property and place between coowners and M/s NDL Estates Pvt. Ltd, we can come to a conclusion that there is no transfer made by the assessee. We developments. Further, section 50C cannot be applied in the given case. Accordingly, we are in agreement with the findings of the Ld. CIT(A) and uphold the order of Ld. CIT(A). Hence, we dismiss the grounds raised by the revenue.
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