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2022 (10) TMI 492 - AT - Income TaxCapital gain computation - transfer of property/sale of property for the purposes of capital gains - sale value consideration - HELD THAT:- Hon’ble Supreme Court in SH. SANJEEV LAL ETC. [2014 (7) TMI 99 - SUPREME COURT] had held that for the purpose of capital gains, an agreement to sell with part payment thereof transfers the ownership in this regard for the purpose of necessary computation in this regard. Though the amendment in Finance Act, 2016 was made from the date referred by the ld. CIT (A) but the decision of Hon’ble Supreme Court was prior also wherein it was held that for the purpose of transfer of property/sale of property for the purposes of capital gains, agreement to sell with part payment thereof is sufficient compliance. In this case as already noted, out of consideration of Rs.1.6 crores, assessee had already paid a substantial sum of Rs.1.10 crore at that time. Hence, in our considered opinion, the authorities below action to take circle rate of the year of registration is not sustainable and accordingly set aside the same. Claim of certain expenses relating to registration expenses as cost of improvement - AO had not allowed the same on the ground that no details were furnished before him - HELD THAT:- As assessee referred to his letter in the paper book to the AO wherein all the necessary details were furnished, interest of justice will be served if this issue is re-examined by the AO afresh and decide as per law. We order accordingly. Needless to add assessee should be provided an opportunity of being heard.
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