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2019 (5) TMI 949 - HC - Income TaxLong term capital gains Asset - date of acquisition of property for determining the cost of acquisition of the land - asset acquired by the partnership firm by succession from the proprietrix which was allotted to it in 1973 - conversion of the proprietary concern to a partnership firm - whether they became owners of the property by succession? - sale deed specifically stipulates that the property was sold by virtue of the sale deed dated 07.08.1990 to firm - content in sale deed - non furnishing of documents HELD THAT:- The sole basis, for the appellant’s claim that 01.04.1981 should be taken as the date for determining the cost of acquisition of the land, is that the proprietrix had paid a part of the consideration which was acknowledged in the sale deed, and she was put in possession of the subject land which was delivered to her pursuant thereto. It was incumbent on the assessee to produce a copy of the original allotment letter issued by the APIIC in the year 1973, and the agreement of sale dated 03.07.1990, to establish their claim that the APIIC had not merely allotted the land, but had sold the land to the original proprietrix and had delivered possession to her pursuant to such a sale. In the absence of either of these documents being produced before the Income-tax authorities concerned, and in as much as the sale deed specifically stipulates that the property was sold by virtue of the sale deed dated 07.08.1990, the Tribunal cannot be said to have erred in affirming the order passed by the CIT (Appeals), fixing the date of acquisition as 07.08.1990 i.e. when the sale deed was executed by the APIIC in favour of the appellant herein. It is only if a substantial question of law arises for consideration, from the order passed by the ITAT, would this Court be justified in exercising its jurisdiction, under Section 260-A, to entertain this appeal. We are satisfied that no such substantial question of law arises for consideration in the present proceedings.
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