9911796707
TMI Blog2020 (3) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income Tax Act, 1961 (hereinafter referred to as 'Act') and thereafter selected for scrutiny and after following due procedure, assessment was completed u/sec. 143(3) of the Act. In the assessment order, the Assessing Officer has noted that on verification of 50C data for the F.Y. 2012-13 received from DIT (Intelligence), Hyderabad, it is noticed that assessee has sold an immovable property bearing D.No. 36-11-7, admeasuring 405 sq.yds. located at Koneru Rama Kotaiah Street, Vijayawada on 11/06/2012 for Rs. 23,41,000/-. The Government value for the purpose of payment of stamp duty was Rs. 78,97,000/-. The difference in Government value and the document value is Rs. 55,56,000/-. It is further noticed that the assessee has not sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same in the hands of the assessee. 3. On appeal, ld. CIT(A) confirmed the order of the Assessing Officer. 4. On being aggrieved, assessee carried the matter in appeal before this Tribunal. 5. Ld.AR submitted that the property was sold by the assessee along with his wife on 23/07/2004 and received full consideration except Rs. 20,000/- and handed over the possession to the GPA holder on the same day. Therefore, transfer took-place on the date of execution of Sale Agreement-cum-GPA i.e. on 23/07/2004 and not on 28/05/2012. He further submitted that if at all capital gains has arisen, it has to be considered on the date of execution of Sale Agreement-cum-GPA i.e. transfer of property and submitted that the order passed by the Assessing Of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the above, it is very clear that assessee has sold the property as a Sale Agreement-cum-GPA in 2004 and full consideration has been received on 26/07/2004 and the possession of the land was given to the purchaser Sri Paturi Krishna Babu S/o Paturi Radha Krishna, therefore as per section 2(47)(v), transfer has been completed and possession is given to the party. In the present case, assessee has received full consideration on 26/07/2004, therefore it can be concluded that the property has been transferred to Sri Paturi Krishna Babu on 26/07/2004. From 27/07/2004 onwards the entire land is in the possession and ownership of Shri Paturi Krishna Babu, therefore the capital gains as per section 50C as on the date of sale i.e. 28/05/2012 has to b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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