TMI Blog2018 (6) TMI 1331X X X X Extracts X X X X X X X X Extracts X X X X ..... he property is deemed to be in assessee’s ownership, then, the money received towards sale would have to be considered as liability on the date of valuation. There cannot be a Wealth Tax arising in this transaction. The orders of AO and CIT(A) are against the principles of law and facts of the case. Accordingly, we have no hesitation in setting aside the orders by allowing the grounds of assessee. - W.T.A. No. 03/HYD/2017 - - - Dated:- 6-4-2018 - SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER For The Assessee : Shri M.V. Anil Kumar, AR For The Revenue : Smt. U. Minichandran, DR ORDER PER B. RAMAKOTAIAH, A.M. : This is an appeal by assessee against the order of the Commis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... land in question is a subject matter of litigation and dispute including the extent area and ownership, the same cannot be tax as wealth of your appellant, the addition may be deleted . 2. Briefly stated, assessees was owner of 1200 Sq. Yds., of vacant land situated in Survey No. 121/139, Shaikpet Village. The assessee has entered into an agreement of sale on 30-03-2006 and possession was handed over on 01-04-2006, but the registration was done on 01-04-2008 due to various reasons. However, assessee offered capital gains for the AY. 2007-08, as the possession was handed over on 01-04-2006 and Assessing Officer (AO) has completed the assessment invoking the provisions of Section 50C of the Income Tax Act [Act]. The matter was carried i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... This shows up to March, 2006, applicant could not have handed over the possession of land to the seller. Also applicant has submitted rectification deed with the Jade Realtors and Banjara Park Estates on 18.11.2008 regarding reduction in area sold to the seller due to road widening (para 4, page 2 of the deed). Applicant did not bring forward any evidence to show that property was handed over on or before 01.04.2006. Since, the applicant has offered capital gains for A.Y. 2007-08, it is seen that property is sold during this year. However, 'transfer of Possession' did not take place in F.Y. 2006-07. The ownership of the property does notexist only from F.Y. 2007-08. Since, for the A.Y. 200708, registration of the propert ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
