TMI Blog2022 (3) TMI 1294X X X X Extracts X X X X X X X X Extracts X X X X ..... ital gains under Section 45 - HELD THAT:- Upon perusal of the paper book, this Court finds it strange that though the property in question was mortgaged in favour of Yes Bank, yet the property in question was sold to a company in which the wife of the person in management of the Yes Bank was a Director. Further, admittedly, the property in question was sold by the Petitioner below the circle rate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e impugned Show Cause Notices dated 23rd February, 2022 and 14th March, 2022 issued for the Assessment Year 2018-19. 2. As per the impugned Show Cause Notices dated 23rd February, 2022 and 14th March, 2022, a calculation of long term capital gain on the sale of property bearing no.40, Amrita Shergil Marg for total sale consideration of ₹ 378 crore was submitted by the Petitioner. However, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... everal discrepancies were found in the share transactions by the Petitioner in the year under consideration and the Petitioner was asked to explain as to why the loss claimed amounting to ₹ 114,57,87,500/- be disallowed in this regard, as no actual transfer of money has happened for sale of shares by M/s Avantha Realty Ltd. and the sale did not happen at the NAV as per Rule 11 UA and the tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inds it strange that though the property in question was mortgaged in favour of Yes Bank, yet the property in question was sold to a company in which the wife of the person in management of the Yes Bank was a Director. Further, admittedly, the property in question was sold by the Petitioner below the circle rate (stamp value rate) contrary to Section 50C of the Act. Consequently, this Court is of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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