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The Deputy Commissioner of Income Tax, Circle-3 (1) , Hyderabad Versus Sri W. Ramana Rao

Taxability of amount received - year of assessmnt - Held that:- No reason to interfere with the order of the Ld. CIT(A). There is no merit in Revenue’s grounds as the said settlement was entered on 11-02-2008 which falls in AY. 2008-09 and not in 2009-10. Just because a survey was conducted and statement was recorded, the amount cannot be brought to tax in AY. 2009-10. In view of that, we find no merit in the Revenue’s grounds on the issue. With reference to the valuation also, we are of the opi .....

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the Commissioner of Income Tax (Appeals)-II, Hyderabad dated 03-11-2014. The issue in this appeal as contested by the Revenue is with reference to taxability of the amount and consideration to be adopted. 2. Briefly stated, assessee is a partner in M/s. Sree Projects and Director in M/s. Swadesh Villas Pvt. Ltd. Assessee has 5% share in M/s. Sree Projects and 9% shareholding in the company. Consequent to settlement between the parties by an agreement dt. 11-02-2008, there was settlement among t .....

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ntested the valuation of the land assigned to assessee. 3. The detailed submissions by assessee before the Ld. CIT(A) are as under: 4. During the course of assessment as well as during appeal proceedings, the stand of the assessee/appellant was consistent in stating that the amount of ₹ 34,93,054/- was not received and therefore, the same was not offered to tax. It was further explained that though 10,400 square yards of land was allotted to the appellant, the same continued to be in the n .....

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Sales 28,54,400 30,00,800 Income returned after claiming certain expenses 19,91,690 21,75,880 Date of filing of income tax return 12.11.2012 14.11.2012 It is pertinent to mention that though the gross receipts realized on sale of plots were credited to profit and loss account, the cost of the plots was not debited to profit and loss account. The total land allotted to the appellant was 10,400 sq.yds, the land sold was 8894 sq.yds, balance land remaining is 1506 sq.yards. the appellant states tha .....

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gar. It was further submitted that after purchasing the land at Gudur Village, Kottur Mandai, Mahaboobnagar district, and after developing layout, they have realized that the land is covered by the G.O. No.111 dated 08.03.1996, according to which no residential layout can be carried out in the 84 specified villages and Gudur is also included in such list. It was explained that due to the G.O.No.111 prohibiting layout in Gudur Village, fall in real estate prices, further due to Telangana State ag .....

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d land. However, due to bad real estate conditions the agreed sum was not paid to the appellant except for an amount of ₹ 946,946/- which was offered as income in A.Y.2008-09. 4.3 The Assessing Officer simply made the addition stating that the assessee failed to demonstrate that he had not received money during the previous year relevant to A.Y.2009-10. It is also pertinent to mention that no information is brought on record by the AO in support that the assessee received any money apart f .....

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er considering the submissions of assessee decided the issue as under: 5. 1 have carefully considered the factual position of the case. The issues for consideration are : (i) Whether there is any transfer of shares by the appellant to M/s. Swadesh Villas Pvt. Ltd. (ii) If there is a transfer of shares, what is the sale consideration to be adopted for computing the capital gains. 5.1 The provisions of section 2(47) defined the term 'transfer' read as under : "transfer", in relat .....

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ession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882); or (vi) any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other manner whatsoever) which has the effect of transferring, or enabling the enjoyment o], any immovable p .....

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ly or involuntarily, by way of an agreement (whether entered into in India or outside India) or otherwise, notwithstanding that such transfer of rights has been characterised as being effected or dependent upon or flowing from the transfer of a share or shares of a company registered or incorporated outside India;)" From the preliminary reading of the term 'transfer' as defined in the Act, the appellant is hit by the provisions of section 2(47) (i), (vi) and Explanation 2. Therefore .....

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notional, infact, there was tremendous fall in real estate market from 2008 onwards and lands were stated to have been sold at a later date for much lesser price. Therefore, it is appropriate that the sub-registrar value as on 11.02.2008 is to be considered as the sale consideration. In summary, the capital gain shall be brought to tax for A.Y.2008-09 by taking sale consideration equivalent of cash component received of ₹ 9,46,946/- plus SRO Value of 10,400 sq.yds as on 11.02.2008. 5.2 It .....

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