TMI Blog2020 (1) TMI 299X X X X Extracts X X X X X X X X Extracts X X X X ..... as to the Directorate of Income Tax (Intelligence) vide letter dated 01.02.2012. This material which was available before the Assessing Officer had persuaded him to form an opinion that income chargeable to tax had escaped from assessment. This finding would not give rise for us to formulate substantial question of law as sought for in the appeal memorandum. Clause 6 of the said agreement would clearly indicate that possession of the property which has been delivered is symbolic possession and not physical possession. By applying Section 53A of Transfer of Property Act and Section 2(47) (v) it has been rightly held that physical possession of the property was not transferred to the purchaser under the agreement of sale. In other words ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n any earlier year and for ascertaining same, matter has been remanded back to CIT (Appeals) with regard to issue of possession and said finding recorded by the Tribunal cannot be found fault with. That apart, issue relating to valuation, Tribunal has noticed that Assessing Officer had not referred the matter to the valuation officer as required under Section 50C(2). Said valuation would be the basis for determining the amount of capital gains tax which would be taxable for the relevant year. The finding recorded by the Tribunal is purely question of facts not giving rise to substantial question of law being formulated. As such, we do not find any other ground to entertain this appeal. Accordingly, it stands dismissed. We do not express ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , an appeal came to be filed before Commissioner of Income Tax (Appeals)-V, which came to be partly allowed by order dated 20.05.2014. 5.Being aggrieved by the order of Commissioner of Income Tax (Appeals), assessee filed further appeal before Income Tax Appellate Tribunal in ITA No.1038(Bang) 2014, which was allowed in part by the Tribunal. In the said appeal, assessee filed Cross-objections raising an issue with regard to the jurisdiction of the Assessing Officer exercised under Section 147 of the Act and contending that there was no material evidence available on record to arrive at a conclusion that the income has escaped from assessment and as such, reopening of the reassessment was bad. However, the said contention came ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax under capital gains had escaped assessment within the meaning of Section 147 of the Act. 7.Though Mr.Ashok Kulkarni, learned advocate appearing for appellant-assessee has made valiant attempt to contend that Tribunal erred in considering the cross-objection filed before Tribunal on the ground after having observed that there was no direction to the Assessing Officer and as such, there was no basis for re-opening of the assessment by exercising of powers. We are not inclined to accept said contention for simple reason that in the very same order of Tribunal it has been noticed that in the paper book which came to be filed by assessee which was found at Page 43, information which necessitated the Assessing Officer to reope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Property to the Purchasers and authorize the Purchasers to negotiate with the tenants and obtain vacant possession. 9. A plain reading of above clause would clearly indicate that possession of the property which has been delivered is symbolic possession and not physical possession. 10.By applying Section 53A of Transfer of Property Act and Section 2(47) (v) of I.T. Act, it has been rightly held that physical possession of the property was not transferred to the purchaser under the agreement of sale. In other words, it has been held by Tribunal that in the absence of any finding about handing over of possession in any earlier year, it cannot be said that property was transferred in any earlier year and for as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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