TMI Blog2012 (12) TMI 1089X X X X Extracts X X X X X X X X Extracts X X X X ..... I.T.A.No. 151/Ahd/2012 - - - Dated:- 14-12-2012 - SHRI D.K. TYAGI, JUDICIAL MEMBER And SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER Assessee(s) by : Shri S.N.Divatia Revenue by : Shri D.K.Singh Sr.DR O R D E R PER SHRI ANIL CHATURVEDI, AM: Both these appeals are from different assessees arising from the orders of the ld.CIT(A)-XI, Ahmedabad both dated 18/11/2011 passed for A.Y. 2008-09. Both the parties submitted before us that the facts and issues are identical in both cases and, therefore, the decision is one case would be equally applicable to the other. We thus proceed to hear both the appeals and pass a consolidated order of the sake of convenience. 2. ITA No. 150/Ahd/2012 is taken as the lead case s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lained investment without giving sufficient and specific opportunity to the appellant and thereby violating the principles of natural justice. The AO had issued show cause notice on 29-12-10 and served by affixture late in the evening on 30-12-10. Both the service of notice by affixture and assessment made by AO were illegal and unlawful. The appellant should therefore be allowed to produce additional evidence during the course of appellate proceedings and should be admitted. 2.1. The Ld. CIT(A) has grievously erred in law and or on facts in upholding the addition of ₹ 84,25,909 in respect of the land bearing survey No.222/1 as having transfer taken place in this year. 2.2 The ld.CIT(A) has grievously erred in confirming ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Since there was no reply by Assessee, the AO added ₹ 84,25,909/- to the income. Aggrieved by the action of AO, Assessee carried the matter before CIT(A). CIT(A) dismissed the appeal of the Assessee by holding as under: 5.2. I have carefully considered rival submissions. I have also gone through the various papers filed by the ld.A.R. It is an admitted fact and the same is verifiable with various documents that conveyance deed for transfer of agriculture land admeasuring 6,534 Sq.Yds. at Vadaj, Ahmedabad for a consideration of ₹ 84,25,909/- was executed on 19-3-2008. Once conveyance deed is executed, immovable property is transferred as per the provisions of section 2(47)(i) is concerned. In view of these facts, I am incl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 09 and ₹ 45,69,200/- in AY 2009-10. He placed on record at page 139 to 145 of the paper book, the English translated copy of the deed of confirmation dated 4.2.2009 entered by the Assessee and the purchaser. From the deed he pointed out that the possession of the land was handed over on 4.2.2009 and the purchaser became the occupier of the land from 4.2.2009 and accordingly the purchaser was entitled to transfer the land in his name in the government records from 4/2/2009. He thus submitted that under these circumstances since the transfer of land had not taken place in the year under consideration, the Assessee did not disclose the capital gains in the return of income. The Assessee declared capital gains in AY 2009-10. The copy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nakhat money of ₹ 8.50 lacs was received by the Assessee. The conveyance deed in respect of the aforesaid land was executed and registered on 19.3.2008. As per the copy of the sales deed, the Assessee received the sales consideration in installments by way of forward dated cheques. The first installment was by way of 2 cheques dated 16.12.2006 of ₹ 4.25 lacs each and the last cheque was dated 28.2.2009 was of ₹ 21,69,200/-. As per the agreement it was agreed by both the parties that only after the encashment of the cheques, the seller will hand over the vacant and peaceful possession of the land to the buyer. From the translated copy of the deed of confirmation dated 4.2.2009 it is stated that the Assessee has handed over ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2010) 124 ITD 467, the Tribunal has concluded as under: Assessee having executed an agreement on 19th Oct.,1995, which only contemplated sale of a property at a future date on stipulated terms and conditions without transferring any right of ownership, use or possession in the corpus or the income arising from such property to the purchases, and executed the registered sale deed on 20th Dec., 2007, the transaction of sale of property was not completed in terms of provisions of s. 2(47)(v) of IT Act, 1961, r/w s. 53A of Transfer of Property Act, 1882, at the time of execution of agreement dt. 19th Oct., 1995, and therefore, capital gain was not chargeable in asst. yr. 1996-97. 9. Considering the totality of facts and relying ..... X X X X Extracts X X X X X X X X Extracts X X X X
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