TMI Blog2021 (7) TMI 1227X X X X Extracts X X X X X X X X Extracts X X X X ..... he light of such circumstances, the assessee and her brothers have executed the sale deed, in respect of properties, whose possession of the property was already given. In view of provisions of section 53A of the Transfer of Property Act, the properties have already been transferred in favour of the vendees except for the execution of the registered sale deeds. As rightly contended by the assessee, the transfer has taken place in the earlier assessment years when late Sri G. Sattiah was alive. As regards the finding of the AO that LTCG has arisen out of retention of 500 square yards by assessee's brothers, find that the assessee has stated before the CIT(A) that 500 square yards vested with late Sri G. Sattiah and after his demise, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was issued to the assessee on 4.3.2015 and served on 10.3.2015. However, the assessee did not file any Return of Income in response to the notice u/s. 148 of the Act but filed documents consequent to show cause notice dt. 16.3.2016. The Assessing Officer therefore completed the assessment u/s. 144 r.w.s. 147 of the Act. 3. The Assessing Officer observed that the assessee, along with her sister and 6 brothers, sold 12 plots of land and the assessee's 1/8th share in S.R.O. value (after applying the provisions of section 50C of the Act) come to ₹ 21,08,500. He, therefore, called for information from the vendee who submitted that the plots were actually purchased from the assessee's father, late Shri G Sattaiah (the vendor) an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after conversion of the same into plots, had sold part of the land to vendees and that he had retained a plot of 500 square yards on which the assessee's brothers have constructed a house and were living therein. She argued that since there was no transfer of property during the assessment year under consideration except the execution of the registered sale deed, and particularly since the vendees have not paid anything to the executors of the sale deed, there was no transfer of any property nor was any relinquishment of any right in any property. However, the CIT(A) was not convinced and accordingly has confirmed the assessment order. Aggrieved by the order of CIT(A), the assessee is in second appeal before the tribunal raising the fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capital gain is liable to be brought to tax. 7. Having regard to the rival contentions and the material on record, I find that the undisputed facts are that the assessee's father, late Sri G. Sattaiah during his lifetime had sold certain piece of land to various vendees and some of the vendees have also passed away and at the request of the vendees and the legal heirs of deceased vendees, the LRs of the vendor, late Sri Sattaiah, have executed registered documents in their favour. In the light of such circumstances, the assessee and her brothers have executed the sale deed, in respect of properties, whose possession of the property was already given. In view of provisions of section 53A of the Transfer of Property Act, the propertie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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