9911796707
TMI Blog2021 (3) TMI 865X X X X Extracts X X X X X X X X Extracts X X X X ..... Gupta for Rs. 35 lacs and again on 16.03. to Smt. Vandana Gupta for Rs. 27 lacs and thus, the sale consideration is Rs. 62 lacs resulting into short term capital gain of Rs. 25,49,480/- (62,00,000- 36,50,520) ignoring that sale deed dt. 19.05.2008 which was fraudulently executed by Sh. Sunil Gupta, husband of Smt. Manju Gupta as POA holder of the assessee stood cancelled as per Rajinama dt. 30.06.2009 and consequent cancellation deed dt. 05.11.2009 and the Ld. CIT(A) has erred on facts and in law in confirming the addition as against the short term capital loss of Rs. 9,50,520/-(25,00,000-36,50,520) claimed by the assessee. 1.1. Deciding the appeal without admitting the additional evidence filed by the assessee under rule 46A by way of ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Manju Gupta as Power of Attorney holder of the assessee stood cancelled as per Rajinama dated 30.06.2009 and consequent cancellation deed dated 05.11.2009 and the Ld. CIT(A) has erred on facts and in law in confirming the addition as against the short term capital loss of Rs. 9,50,520 claimed by the assessee. It was submitted by the ld AR that initially the assessee could not place on record registered cancellation deed dated 05/11/2009 before the lower authorities i.e. the A.O. However, during the appellate proceedings before the ld. CIT(A), the assessee had filed an application under Rule 46A of the Income Tax Rules, 1962 (in short, the Rules) for admission of additional evidence by way of cancellation deed dated 05/11/2009 through whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3/2009 remained effective and substring. The Ld. AO has also referred this fact on page 3 of the assessment order at para II by the Ld. AO. However, he did not comment anything on this document thus appellant bona fide believed that the Ld. AO has accepted this claim of the appellant and due regard would be given by him while completing the proceedings of assessment and passing the assessment order. However on receipt of the assessment order the aforesaid fact of not giving any thought and necessary effect of this document, and quite illegally and imaging assessed by taking the transfer of the same property to two persons and taking the consideration mentioned in both the sale deeds as one transaction, and assessed the Short Term Capita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d order need not require any interference. 6. We have heard the ld. Counsels of both the parties and have perused the material placed on record. From the record, we noticed that the assessee categorically mentioned before the ld. CIT(A) as well as the A.O. that the sale deed dated 19/05/2008 was fraudulently executed by Shri Sunil Gupta, husband of Smt. Manju Gupta as Power of Attorney holder of the assessee and therefore, ultimately a Rajinama was executed between the parties for cancellation of the sale deed and the said Rajinama was dated 30/06/2009 which was placed on record before the A.O. as well as before the ld. CIT(A) and consequent to the said Rajinama, cancellation deed dated 05/11/2009 was got registered. It was submitted by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 30/06/2009 which was consequently followed by registered cancellation deed dated 05/11/2009. Since the assessee has already placed on record Rajinama dated 30/06/2009 but could not place on record registered cancellation deed dated 05/11/2009 because of the reasons mentioned above, in our view, the cancellation deed dated 05/11/2009 is a registered document and cancellation deed was followed by Rajinama dated 30/06/2009 which have already been placed on record by the assessee. Since according to the assessee, the said Rajinama dated 30/06/2009 was already filed before the A.O. and the cancellation deed was not available at that time with the assessee and after assessment, the assessee obtained a certified true copy of the cancellatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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