TMI Blog2022 (8) TMI 941X X X X Extracts X X X X X X X X Extracts X X X X ..... ned u/s 2(47) of the Act and attracts short term capital gains u/s 45 of the Act. On this aspect, the assessee has not filed any evidence to establish that the buyer did not present the cheques in the bank due to some personal reasons. Assessee has not substantiated his case except orally pleaded before the AO, CIT(A) and even before us and has not filed any document. Inspite of receipt of notice the assessee did not appear before the ITAT to substantiate his case with proper evidence. In the absence of such evidence, we do not find any infirmity in the orders passed by the lower authorities. Therefore, we uphold the order passed by the CIT(A) and dismiss the grounds raised by the assessee. - I.T.A.No.123/Viz/2017 I.T.A.No.124/Viz/2017 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e issued to the assessee. A statement u/s 131 of the Act was recorded, during which the assessee confirmed that the assessee executed the sale deed along with 8 others and received his share of Rs.74,71,100/- through cheques from M/s Indus Infra Promoters and Builders, but did not present the cheques in bank due to some personal reasons. The AO held that since the property was conveyed from seller to the buyer and the land got registered, the transaction is completed which gives rise to capital gains as defined u/s 2(47) of the Act and attracts short term capital gains u/s 45 of the Act. The AO completed the assessment u/s 144 ex-parte, assessing the short term capital gains of Rs.44,71,100/-. 3. Aggrieved by the order of the AO, the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ization of the consideration as per their financial convenience under the said MoU. The Ld.CIT(A) referred to section 54 of the Transfer of Property Act, which defines sale as transfer of ownership in exchange of price paid or promised or part-paid and part-promised. Thus, held that even a promise would constitute sufficient consideration for transfer. The sale deed dated 12.11.2010 clearly evidence transfer of possession and ownership to the property in exchange for the consideration paid to the vendor. Accordingly, the Ld.CIT(A) dismissed the appeal of the assessee. 4. Aggrieved by the order of the Ld.CIT(A), the assessee preferred an appeal before the Tribunal and raised the following grounds : 1. The order of the Commissioner o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contention of the assessee is that the assessee has not received any sale consideration, therefore, capital gains does not arise. But the contention of the revenue is that the statement was recorded u/s 131 of the Act and the assessee has confirmed that the assessee along with 8 others executed the sale deed and received his share of sale consideration of Rs.74,71,000/- through cheques from M/s Indus Infra Promoters and Builders. Since the property was registered from the seller to the buyer and the landlord registered the sale transaction as completed, it gives rise to capital gains as defined u/s 2(47) of the Act and attracts short term capital gains u/s 45 of the Act. On this aspect, the assessee has not filed any evidence to establish ..... X X X X Extracts X X X X X X X X Extracts X X X X
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