9911796707
TMI Blog2016 (5) TMI 160X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion of the land was given to the purchaser on 14/05/2007. Therefore, the transaction based on sale deed could not have been assessed in assessment year 2009 - 10, is in error in not considering the provisions of section 247 of the income tax act, 1961. The other grievance without prejudice to ground No. 1 was that there the assessing officer is not justified in taking the cost of acquisition as on 01/04/1981 at the rate of Rs. 70 per square yard whereas the agricultural land situated in similar locality as per circle rate the value was Rs. 150 to Rs. 200 per square yard. Therefore, the cost of agricultural land as on 01/04/1981 of Rs. 100/- per square yard is justified. 3. The brief fact of this ground is that assessee is an individual. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see owned 6019 m² land, which was ancestral. on 2nd November 2016 assessee entered into agreement for sale with others for sale of land for Rs. 10,80,0000/-and received advance of Rs. 50 Lacs on 2 different dates. b. On 14/05/2007, assessee received Rs. 50 Lacs further and for balance amount of Rs. 50.80 lakhs assessee received 2 separate cheques of Rs. 25.40 lakhs each. c. On 25th of April 2008 out of the above land, half of the land measured at 3010 m² was sold to Sh. AnandPrakash Aggarwal and Mrs. Meena Aggarwal for Rs. 60,20,000/-. 4. Based on above facts Ld. assessing officer was of the view that as the possession of the property was given on 25th of April 2008 i.e. the date on which property was sold and sale deed is al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of lower authorities and submitted that there is no reference of handing over possession in any of the agreement to sell. However, sale deed clearly says that possession of the property is given at the time of sale deed executed by the assessee and hence the capital gain has rightly been taxed in the hands of assessee for this year. He further argued that assessing officer has noted that on reverse of page No. 1 of the sale agreement stated by the assessee shows that sale agreement was without handing over possession. Therefore, he submitted that the story of transferring the possession to the buyers happened along with the sale agreement isincorrect. 8. We have carefully considered the rival contentions and also perused the paper book s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d revenue authorities sale deed is executed where assessee has confirmed that possession of the property is given at the time of execution of sale deed. The other agreement which is agreement to sell, which is not registered with any statutory authority, but only between buyer and sellers which is notarized does not give any credence to the transaction entered by the assessee. Further, before the assessing officer and Commissioner (A) , it was never controverted by the assessee that why on the reverse of page 1 of the sale agreement fact of agreement without giving possession to the buyer is mentioned. In view of this facts, we confirm the order of CIT (A)'s and hold that the no weightage can be given to a notarized agreement to sell execut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en before him. On reading of those grounds of appeal, we could not find any ground taken by the assessee regarding adoption of the cost of acquisition and thereby determining the fair market value of the property on 1-4-1981. On reading order of the assessing officer, also we could not find any objection before the assessing officer on adoption of such rate. It is undisputedly concurrently before the lower authorities, the assessee has accepted the price, which has been determined by the assessing officer. However, rates adopted by the assessing officer of Rs. 70 per square yard did not have any basis. Similarly, the valuation report relied upon by the assessee of some other property belonging to somebody else cannot also be accepted. There ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
