Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (6) TMI 502 - AT - Income TaxCapital gain computation - treating the assessee’s general power of attorney “GPA” document as “transfer” within the meaning of Section 2(47) of the Act giving rise to the capital gains addition - HELD THAT:- The assessee’s vendee herein has not paid the full amount of ₹ 5.50 crores since only an amount of ₹ 50 lakhs has been received. There is no material to the contrary in the case records. We make it clear that this is not the Revenue’s case that the assessee has in fact received the balance sum post-facto the CIT(A)’s order passed way back on 30-12-2013 under challenge as well. And the clinching fact further remains that once the assessee has not even received the balance consideration, the said entire amount could not be brought to tax in his hands. We thus confirm learned lower authorities’ action to the extent of the actual receipt sum of ₹ 50 lakhs only which deserves assessment being non-refundable in nature. Faced with this situation, we deem it appropriate to restore the instant sole issue of long term capital gains addition to the tune of ₹ 5,34,34,495/-; back to the CIT(A) for his afresh detailed adjudication keeping in mind not only the relevant facts and circumstances of the transferee’s alleged failure in not paying the balance consideration but also the final outcome of the civil proceedings to this effect as per law, within three effective opportunities of hearing. Assessee’s appeal allowed for statistical purposes
|