TMI Blog2017 (10) TMI 1551X X X X Extracts X X X X X X X X Extracts X X X X ..... possession of this property. The asset acquired was rights in the property, by way of an agreement and what was transferred was there rights. These rights are capital asset. The finding of the ld. CIT(A) that the asset is a long term capital and liable to long term capital gain. As what is sold is not an immovable property, section 50C does not apply. Result the appeal of the revenue is dismissed. - ITA No.1387/Kol/2017 - - - Dated:- 25-10-2017 - Hon ble Shri J.Sudhakar Reddy, AM For the Appellant : Shri Soumyajit Dasgupta, JCIT For the Respondent : Shri Miraj D.Shah, Advocate ORDER This appeal by the revenue is directed against the order of the Commissioner of Income Tax-(A)-9, Kolkata relating to A.Y. 2013-14 on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred and nominated these booking rights in the flat to, Mr.Mohan Lal Dugar and Mr. Abhishek Kumar Dugar for the consideration of ₹ 65,00,000/- and thus earned ₹ 14,55,545/-. The assesse claimed expenses of ₹ 7,68,522/- and the net income of ₹ 66,87.023/- was offered to tax under the head other sources . The AO was of the view that the assessee was offered possession of the flat by the developer and therefore it ha to be taken that the flat was delivered to the assessee and hence the transaction in question was for transfer of a flat and not of booking rights and hence the gain is assessable on capital gains. Hence the AO treated the date of acquisition of the property as 11.02.2012 and the date of transfer as 26.03 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing transfer of property and receipt of 65Lakh from Mohan Lal Abhishek Dugar 12.02.2013 Date of Conveyance for Sale of flat by assessee 26.03.2013 5. A perusal of the paper book filed by the assessee demonstrates that the possession was never taken by the assessee. Recitals at para-9 of the conveyance deed executed by the builder M/s. Idle Heights Pvt. Ltd in favour of Mr.Mohan Lal Dugar and Mr. Abhishek Kumar Dugar and Shri M.K.Singhania, demonstrates that the possession was handed over by the developer to these purchasers on 26.03.2013. Hence this proves that the assessee has never received possession of this property. The asset acquired was rights in the property, by way of an agreement and what was transferred was there right ..... X X X X Extracts X X X X X X X X Extracts X X X X
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