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2017 (6) TMI 297

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..... educted the price of the plot from the value of the property i.e. ₹ 99,20,000 (-) Minus ₹ 16,75,000/- i.e. the cost of the plot (to be paid to the Noida Authority) = ₹ 82,45,000/-. Accordingly, we set aside the issue in dispute to the file of the AO with the direction to compute the capital gains on the difference of the Stamp duty amount and price of the impugned property after applying the relevant provisions of the Act. Accordingly, the order of the Ld. CIT(A) is reversed. - Appeal filed by the Revenue stands allowed for statistical purposes. - ITA No. 430/DEL/2013 - - - Dated:- 5-6-2017 - SHRI H.S. SIDHU, JUDICIAL MEMBER, AND SHRI O.P. KANT, ACCOUNTANT MEMBER For The Department : Sh. Anil Kr. Sharma, Sr. DR .....

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..... 2008-09 on 22.1.2010 declaring income of ₹ 1,40,670/-. Subsequently, the case of the assessee was taken up for scrutiny assessment. Notice u/s. 143(2) of the I.T. Act, 1961 was issued on 29.9.2010. Subsequently, notice u/s. 142(1) alongwith questionnaire issued on 21.1.2011, followed by another questionnaire dated 04.3.2011. In response to the notices issued, assessee s A.R. attended the proceedings from time to time. The assessee is engaged in retail trading and has declared his income u/s. 44AF at ₹ 1,78,308/- on the total turnover of ₹ 9,90,600/-. In this case an information with regard to sale of property for consideration of ₹ 99,20,000/- on 1.10.2008 was received by AO. During the course of assessment, the asse .....

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..... ssment Order and the facts of the case. The appellant was allotted a residential plot on 19.01.2004 in Sector-105, Noida through lottery on payment of allotment money of ₹ 1,30,000/-. The total purchase price of the plot was ₹ 16,75,000/-. The appellant on 28.02.2004 entered into an Agreement to sell in respect of this plot with MIs Rosebud Construction Pvt. Ltd through its director Sh. Rajeev Sharma. The appellant received an amount of ₹ 1,30,000/- from the company in lieu of agreeing to sell this plot to the company. The balance amount to be paid for the acquisition of the plot i.e. ₹ 15,45,000/- was agreed to be paid by the Company directly to the Noida Authority. Later on, Sh. Sanjay Kumar, the GPA holder of the .....

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..... e said property during the year under consideration. Therefore, there was no question of any capital gains in the appellant's 'hands. The addition of ₹ 99,20,000/- made by the A.O. on this account is therefore, deleted. 7. On going through the aforesaid findings of the Ld.CIT(A), we find that the assessee was allotted a residential plot on 19.01.2004 in Sector-105, Noida through lottery on payment of allotment money of ₹ 1,30,000/-. The total purchase price of the plot was ₹ 16,75,000/-. The assessee on 28.02.2004 entered into an Agreement to sell in respect of this plot with M/s Rosebud Construction Pvt. Ltd through its Director Sh. Rajeev Sharma. The assessee received an amount of ₹ 1,30,000/- from th .....

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