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TMI Blog2016 (12) TMI 1142X X X X Extracts X X X X X X X X Extracts X X X X ..... ices under section 143(2) and 142(1) of the Income Tax act, 1961 were issued and served upon the assessee. During the course of assessment proceedings, the AO on the basis of AIR information found that the assessee has not offered to tax the Long Term Capital Gains on the transfer of immovable property and the value of the same as appearing in the AIR information was Rs. 31,08,651/-. During the course of assessment proceeding, the assessee filed a copy of sale deed which he claimed to be ignorant and not knowing. The assessee also submitted that he never executed any sale deed on 1.12.2008 however it is evident from the sale deed that the assessee has sold the tenement No.606, 6th floor, Omkar Co-operative Housing Society, Grant Road (W), M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 30.36,193/- and added the same to the total income of the assessee. In appellate proceedings, the ld.FAA also confirmed the action of the AO and dismissed the appeal of the assessee by observing and holding as under : "6. I have considered the facts of the case, I am of the considered opinion that the property had actually been transferred by the assessee in terms of sale deed date 1.12.2008 and has been registered by the Sub-Registrar. This property has been valued by the stamp valuation authority at Rs. 31,08,651/-Rs.31,08,651/-. It also appears that the assessee has received a sum of Rs. 10,00,000/- in lieu of transfer of this property. If that be the case, the transaction is completed and transaction was done fraudulently by trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in any appeal or revision or no reference has been made before any other authority, court or the High Court, The Assessing Officer may refer the valuation of the capital asset to a Valuation Officer and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clause (i) of sub-section (1) and sub-sections (6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. [Explanation 1].-For the purposes of this section, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sted in the transactions of the property. Accordingly the computation of capital gain worked out by the AO does not warranted any interference. The same is therefore, confirmed and this ground of appeal of the assessee is rejected‖ 3. The ld.AR vehemently submitted before us that the assessee is a persons of no low means and was forced to sign documents under coercion which he was knowing to be sale deed and thus saddling him with the income tax liability in connection with transfer of immovable property and the never received any consideration from the purchaser. The ld. AR argued that if the orders of lower authorities below were upheld a grave injustice would be perpetrated on the assessee as he was not knowing any such sale deed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived any sale consideration and executed any sale deed in favour of Mrs. Sayali S Sawant. Also during the course of assessment proceedings the transaction could not be confirmed. In our opinion, the ends of justice would be met if the matter is restore back to the file of the AO to decide the issue afresh on the facts and circumstances of the case after providing reasonable opportunity of being heard to the assessee and after making necessary inquiries from the buyer of the property as to the payment of consideration. Accordingly, we set aside the order of the ld. CIT(A) and direct the AO to decide the matter de-novo. 6. Since we have restored the issue of capital gain to the file of AO, remaining grounds became academic in nature, there ..... X X X X Extracts X X X X X X X X Extracts X X X X
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