TMI Blog2023 (1) TMI 1079X X X X Extracts X X X X X X X X Extracts X X X X ..... property only takes place when either the possession of the property is transferred or sale deed is executed. Documents like unregistered Banakhat, power of attorney are not the substitute of sale deed. So in present case the land has been sold and sale deed is executed on 14.09.2009 only. The sale of the piece of land within 36 months resulted in short term gain to the assessee. Even in the sale deed there is no mentioned of Banakhat. The issue of invoking the exemption under sec 54F was also held invalid by the lower authorities. The onus to proof the findings of the authorities below as not justified lies upon the assessee. However, the assessee has not brought anything contrary to the findings of the authorities below. As such, it se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ort Term Capital Gain even though the appellant has submitted possession letter towards purchase of new house. Your Appellant most humbly reserves the right to add, amend, alter or substitute any of the grounds in this appeal on or before the time of Hearing. 3. In the present case the assessee is an individual and engaged in the business of selling milk. The case was selected for scrutiny. As per the details available with the AO, it was observed that the assessee has sold a piece of land for a consideration of Rs.4,80,00,000/- with other ten persons on 24.05.2012. The land was owned by all of them equally. So the assessee s share in the sale consideration i.e. 1/11th of 4,40,00,000 was Rs.43,63,636/- only. The assessee has claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by observing that the assessee has held the land for less than 36 months. The period of holding has to be calculated since the time the property has been physically transferred not merely executing on paper through notarized Banakhat. The right of the property is transferred either by possession or by sale deed and not by any simply agreement. 7. Aggrieved assessee preferred an appeal before me. 8. At the outset, I may like to mention that neither the concerned Counsel nor any other person on behalf of the assessee appeared before the Tribunal to represent the case or even to seek an adjournment at the time of hearing. The case is very old pertaining to AY 2013-14 and has already been listed ten times for hearing but none of the time, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sistance of the learned Departmental Representative. 10. The Ld. DR before me vehemently relied upon the order of the authorities below. 10.1 I have heard the Ld. DR and perused the materials available on records. It was observed that the order of the authorities below has passed a speaking order and incorporated lots of evidences to substantiate their decision against the assessee. The transfer of property cannot take place on simple agreement. The transfer of the property only takes place when either the possession of the property is transferred or sale deed is executed. Documents like unregistered Banakhat, power of attorney are not the substitute of sale deed. So in present case the land has been sold and sale deed is executed on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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