TMI Blog2016 (2) TMI 343X X X X Extracts X X X X X X X X Extracts X X X X ..... sferred by the assessee and the income earned by the assessee there from is to be assessed as capital gains. Even for the sake of arguments if we presume that the assessee had sold the property in which he had no title or interest but after having sold the property he got right or title in the property then also he is estopped under the law from saying that the sale agreement earlier entered by him cannot be acted upon or that the sale deed was invalid. Under such circumstances, the presumption under the law is that the assessee had sold his interest in the entire property even if he has acquired such ownership rights after the sale. We do not find any infirmity in the order of ld. CIT(A) on this issue and the same is upheld. - Decided agai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 24.3.2011 passed by Ld. Commissioner of Income Tax (Appeals)-32 [(hereinafter referred to as the CIT(A)], Mumbai and it relates to the assessment year : 2007-08. 2. The Revenue has taken following grounds of appeal: 1. On the facts and in the circumstances of the case and in law, the ld.CIT(A) erred in holding that the sum of ₹ 2.16 crores received by the assessee without consideration, is liable to be assessed under the head capital gains and not under the head income from others sources ; (i) The ld. CIT(A) ignored the fact that in the remand report, the AO had clearly disputed the documents submitted before the appellate authority clearly asserting that the documents are nothing but an after thought; (ii) The ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... round no.1 is as to whether the amount received by the assessee on transfer of Bungalow is to be assessed as capital gains or as income under the head income from others sources . 4. The brief facts of the case are that the assessee received sale consideration of ₹ 2.16 crores from M/s Lake View Developers in exchange of the bungalow as per the agreement dated 29.8.2005. As per the said agreement, the plot with bungalow named as Verma Niwas was transferred by the assessee to the developer and in exchange of the same, the assessee received a sum of ₹ 67,98,000/- + three residential flats valued at ₹ 1,48,02,000/-. The total consideration thus was received of ₹ 2.16 crores, which was treated by the assessee as Lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... He accordingly, assessed the remaining 53% of the consideration received by the assessee in exchange of bungalow as income from other sources. 5. In appeal before the ld. CIT(A), the assessee furnished the relevant document and evidences along with the copy of Will and order of probate of the Hon ble High Court and other evidences. The remand report was called upon by the ld. CIT(A) in this respect. The assessee also made request to the AO that if he has any doubt about the signature of the sisters on the copy of the Will relinquishing their right in favour of the assessee, he could get the same examined through Forensic Laboratory. The assessee also offered that to verify the facts, the AO should examine sisters of the assessee. How ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsfer of bungalow under exchange deed dated 29.8.2005. The assessee was having right and interest in the bungalow, which was transferred. Under such circumstances, it cannot be said that the assessee had received the income without consideration. There is ample evidence on the file that ultimately the property i.e. bungalow in question devolved upon the assessee which was transferred by the assessee and the income earned by the assessee there from is to be assessed as capital gains. Even for the sake of arguments if we presume that the assessee had sold the property in which he had no title or interest but after having sold the property he got right or title in the property then also he is estopped under the law from saying that the sale ag ..... X X X X Extracts X X X X X X X X Extracts X X X X
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