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TMI Blog2022 (8) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... ning the reasons for delay. On perusal of the same and upon hearing both the parties, the delay of 12 days is condoned. 3. The assessee raised ground Nos. 2 to 5 amongst which the only issue emanates for our consideration is as to whether the CIT(A) justified in confirming the addition of Rs.1,26,80,413/- on account of long term capital gain in the hands of the assessee instead of Jayantilal Oswal in the facts and circumstances of the case. 4. We note that the assessee is an individual and derives income from cooking, mehandi classes and rental income. The assessee filed return of income declaring a total income at Rs.3,22,471/-. The AO issued notices u/s. 143(2) and 142(1) of the Act for verification of "capital gains consideration in IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entered into an agreement for sell with Mrs. Saroj Mahendrakumar Nibjia and Another for a consideration of Rs.2,00,00,000/- and received Rs.11,00,000/- vide payment schedule therein from pages 46 to 50 of the paper book. On perusal of the said agreement dated 31-12-2012 at page 46, the assessee being shown as seller and the said Jayantilal Tarachand Oswal as consenting party. The payment of Rs.11,00,000/- made to consenting party vide two cheques of common dated 07-01-2013 by the purchasers. We also note that the assessee stated that she sold the property to consenting party for a consideration of Rs.5,00,000/- and she was under liability to transfer all rights and permissions to consenting party or his names which clearly shows that the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received by the assessee nor deemed to be received by her. He argued when the assessee received no consideration she cannot be taxed for the same for the reason then the said sale consideration is neither accrued to her nor was deemed to be accrued to her. In support, he drew our attention to the copy of return of income filed by the said Jayantilal Oswal disclosing the entire consideration as his income for A.Y. 2013-14 on account of capital gain which is at pages 145 to 157 of the paper book. Therefore, the point for consideration before us is as to whether the assessee can be taxed on account of capital gain in the absence of receipt of sale consideration. As discussed above, the assessee vide deed of transfer sold the subject property t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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