9911796707
TMI Blog2021 (9) TMI 224X X X X Extracts X X X X X X X X Extracts X X X X ..... essee's appeal with regard to claim of capital loss of Rs. 6,02,82,495 on sale of property vide unregistered sale agreement which does not constitute valid transfer as held by the Apex Court in Suraj lamps and Industries Pvt. Limited Vs. State of Haryana (2011) in 14 taxman.com 103 and which is also not a valid transfer under section 53A of Transfer of Property Act as held by the Supreme Court in CIT Vs. Balbir Singh Maini (86 taxmann.com 94 SC). 3. The Ld. CIT(A) erred in not appreciating that the entire arrangement i.e. sale of property vide unregistered sale agreement by the assessee to his wife was a sham transaction, a colourable device which was employed to result in capital loss, and thereby reduce the tax liability from capita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acquisition, the assessee failed to furnish the same. In the absence of any information filed, the A.O. had taken cost of acquisition of the assessee as nil and the entire sale consideration of Rs. 10,56,15,000/- was treated as long term capital gain and added the same to the returned income of the assessee. 7. On appeal, the CIT(A) after considering the submissions of the assessee, observed as under: "In those paras of the remand report, the A.O. has accepted that the land was sold by the appellant, for which substantial consideration has been received coupled with the handing over of the possession of the said land. The buyer has also reflected the same in her balance sheet and the Wealth Tax Returns subsequently. The A.O. has however ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 9,00,00,000*939/632 13,37,18,354 2010-11 2,30,26,644*939/711 3,04,10,715 2011-12 17,68,425 17,68,425 16,58,97,495 Taxable profit (6,02,82,495) The same thus is accepted and the addition, made in the para 4 of the order is hereby deleted.". 8. Aggrieved by the order of CIT(A), the revenue is in appeal before the ITAT. 9. The ld. CIT-DR has filed written submissions, which are placed on record and vehemently argued the case by relying on the order of the AO. 10. On the other hand, the ld. AR relied on the order of the CIT(A) and has filed written submissions, which are placed on record. 11. We have considered the rival submissions and perused the material on record as well as gone through the orders of reven ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
