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2022 (8) TMI 1179 - ITAT PUNELong term capital gain - Real owner of property - transfer of right of assessee on the subject property to Jayantilal Oswal - whether the assessee can be taxed on account of capital gain in the absence of receipt of sale consideration? - Deed of transfer sold the subject property to Jayantilal Oswal - HELD THAT:- Assessee transferred her right on the said property by receiving sale consideration of Rs.51,00,000/- in favour of Jayantilal Oswal on 12-06-2009 and registered a Power of Attorney in favour of the said Jayantilal Oswal to sell that property as Power of Attorney holder by Clause E We find force in the arguments of ld. AR that it is not correct to be taxed in the hands of assessee when the same was taxed in the hands of Jayantilal Oswal. Therefore, when the assessee not received the said sale consideration of Rs.2,00,00,000/- vide registered Deed of Assignment dated 13-01-2013 and the same was received by the said Jayantilal Oswal as a consenting party which was disclosed by him under the head capital gain by Schedule 18 of his return of income, again, taxing the same in the hands of assessee is not justified. Thus, the order of CIT(A) in confirming the order of AO in taxing the assessee on account of capital gain is not justified and it is set aside. Thus, ground raised by the assessee are allowed.
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