9911796707
TMI Blog2021 (12) TMI 591X X X X Extracts X X X X X X X X Extracts X X X X ..... judice to one another:- 1. On the facts and circumstances of the case and in law, the Ld. CIT (A) erred in confirming the AO's action of making an addition of Rs. 1,60,90,798/- as short term capital gain despite the fact that there is no transfer of flat during the year under consideration. 2. On the facts and circumstances of the case and in law, the Ld. CIT (A) erred in confirming the AO's action of adopting the stamp duty value as sale consideration instead of agreement value for computation of short term capital gain by invoking the provisions of section 50C of the Income Tax Act, 1961. 3. On the facts and circumstances of the case and in law, the Ld. CIT (A) erred in confirming the AO's action of considering the WDV o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly the assesse was asked to explain the same with documentary evidences. The assesse vide letter dated 18.08.2017 submitted that agreement was executed with the buyer but possession has not been handed over as the necessary conditions for handing over were not fulfilled. The assesse submitted that the possession would be handed over only after payment of full consideration as the assesse was paid only Rs. 25,00,000/- and after obtaining no objection and approval Mumbai Port Trust as the property was leased property of Mumbai port Trust . The assesse submitted that the capital gain arising from the sale would be offered to tax only after the sale is complete. The AO however was not satisfied with the plea of the assessee for the reason that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 2(47)(v) of the Act , possession of property is must for attracting capital. The ld CIT(A) held that as per section 2(47)(v) of the Act possession is not necessary but it speaks of about the transaction allowing possession and makes a further reference to section 53A of Transfer of Property Act. The main reasoning of ld CIT(A) for upholding the order of AO was that the contract for transfer of property was already entered into for a consideration. 6. We have heard the rival contentions of both the parties and perused the material placed before us. We note that the agreement for sale was registered during the year and the sale consideration was Rs. 1,15,00,000/- whereas the stamp value of the property was Rs. 1,81,62,000/-. The flat was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of section 50C of the Act. Since we have decided the ground no 1 in favour of the assesse that no capital gain is chargeable during the year as the sale of flat is not complete. Therefore the issue of invoking section 50C of the Act need not be adjudicated at this stage as the same is rendered academic. 8. Similarly the issue raised in ground no.3 need no adjudication at this stage as the issue is rendered academic. 9. The issue raised in ground no. 4 is against the order of ld CIT(A) upholding the order of AO in disallowing the depreciation on flat of Rs. 2,01,120/-. This issue being consequential to ground no.1 where we have decided the issue in favour of the assessee that transfer is not complete. Consequently the assesse is entitled ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
