TMI Blog2011 (7) TMI 958X X X X Extracts X X X X X X X X Extracts X X X X ..... unexplained investment by the assessee - assessee sold the said land in the representative capacity of Dargah Peer Bahuddin Bhandari Shah and the amount deposited in the bank belonged to the Dargah - In the present case, the land was acquired by the assessee's ancestor free of cost as Inami land as Choli Bangdi for maintenance and services of Dargah Peer Bahuddin Bhandari Shah - Held that: in cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the land is awarded as "Inami" land to the assessee for the service of the "Dargah" (Mosque). But, the Asstt. Collector's order dt. 5th Feb., 1996, the said land is awarded by succession to the assessee. He is fully entitled to receive the rent as well as all benefits derived from the land. In fact, he has already shown the rental income as his income in the return of income filed for asst. yr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the basis of the decision of the Hon'ble Madhya Pradesh High Court in the case of CIT v. H.H. Maharaja Sahib Shri Lokendra Singhji (1986) 51 CTR (MP) 146 : (1986) 162 ITR 93 (MP). The judgment is not applicable as it is not a jurisdictional High Court and the facts of the case are different." 2. The AO noticed that there were cash deposits amounting to Rs. 15,51,543 in the savings bank accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in was assessable on account of transfer of such "Inami land". However, the AO was of the view that since the assessee was entitled to receive the rent and other benefits derived from such land, the transfer of such land was assessable under the head capital gain and taken the entire sale value of the land at Rs. 53,00,000 for the purpose of computation of capital gain in spite of admitted positio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssets in the acquisition of which, the element of cost is altogether inconceivable. In the present case, the land was acquired by the assessee's ancestor free of cost as Inami land as Choli Bangdi for maintenance and services of Dargah Peer Bahuddin Bhandari Shah. Therefore, any element of cost in acquisition of aforesaid land by the ancestors of the assessee is inconceivable. Further in case of I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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