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TMI Blog2020 (12) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... has erred in confirming the same. The 7 impugned orders as passed are bad in law and are liable to be quashed. 2.1. In any case and without prejudice, the authorities below have erred in holding that capital gains on sale of property had accrued to the appellant during the previous year, the year under appeal and actual taxing the capital gain for the year under appeal. 2.2. The transfer of capital asset (transfer of property) never took place in the previous year relevant to Assessment Year 2005-06 and therefore taxing of the capital gains as income for Assessment Year 2005-06 is bad in law and on facts and is to be deleted. 2.3. The assessment of capital gains for the year being wholly erroneous is to be deleted in entirety. 3. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al assessment order was passed under section 144 of the Act because of which this Tribunal, remanded the issue. 3. In accordance with the directions of this Tribunal, Ld.AO issued notice to assessee giving of opportunity of being heard. Assessee in response to the letters/notices issued, intimated that hearing may be postponed to second week of November 2017. Accordingly, Ld.AO fixed hearing on 30/11/2017, however assessee did not appear. Assessee was issued final reminder notice. Vide letter dated 19/12/2017 along with documents relating with assessment was filed before Ld.AO by assessee 4. From the documents filed, Ld.AO noted that, assessee filed its return of income for year under consideration on 24/10/2005, declaring total income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation in 1993, he was unable to prove that he has not received any further sale consideration as on that date registration being 04/10/2004, when the market value of property was Rs. 61,97,000/-, and that Sh.V.Rathnakr being the power of attorney holder has not received any consideration on his behalf from the purchaser of the property Sh. Balander Venkata. 6. Ld.AO was of the opinion, that assessee has shown sale proceeds of sale of property, which is much lesser than, guidance value, and accordingly as per provisions of section 50C, long term capital gains was reworked at Rs. 49,36,647/- based on the guidance value in the year of sale being 04/10/2004. Ld.AO thus made addition in the hands of assessee amounting to Rs. 49,36,647/-. 7. Ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d for assessment year 1993-94 that assessee has shown income is under the head business, other income, but there is no income offered under capital gains, and that assessee has declared capital loss during the year under consideration. 10. Aggrieved by the order passed by Ld. CIT (A) assessee is in appeal before us now. 11. Ld.AR submitted that, Ground No.1 is general in nature and therefore do not require adjudication. 12. Ground No. 2.1-2.3 is in respect of year of taxability of capital gains. It has been submitted that, assessee do not wish to press this ground. Accordingly these grounds are dismissed as not pressed. 13. Ground No. 3 raised by assessee is in respect of invoking 50C of the Act for year under consideration and computi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted that the process of sale has been completed only during 2004, when the agreement was registered. 17. On the contrary Ld.Sr.DR submitted that, capital gains has not been offered to tax by assessee in the year 1993, which is alleged to be the year of sale. It has been submitted that, assessee declared loss from capital gains during the year under consideration which clearly shows the intention of assessee. She thus supported the orders of authorities below. 18. We have perused submissions advanced by both sides in light of records placed before us. 19. In the present case, at the time of registration in the year 2004, assessee was represented by the original purchase through general power of attorney executed by assessee in 1993. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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