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TMI Blog2012 (10) TMI 848X X X X Extracts X X X X X X X X Extracts X X X X ..... ur of assessee. - ITA No: 4318/Del/2012 - - - Dated:- 19-10-2012 - SHRI J. SUDHAKAR REDDY, AND SHRI RAJPAL YADAV, JJ. Appellant by: Shri Aroop Kumar Singh, Sr. D.R. Respondent: Shri SP Chaturvedi, FCA O R D E R PER J.SUDHAKAR REDDY, ACCOUNTANT MEMBER This is an appeal filed by the Revenue directed against the order dt.30.5.2012 of Ld. CIT(A)- Faridabad, pertaining to Assessment Year 2005-06. 2. The facts in brief are given at para 4 of Commissioner of Income Tax (Appeals) s order which is extracted for ready reference. The brief facts of the case are that the return of income declaring income of Rs.68,174/- was filed by the assessee. During the course of assessments proceedings in the case of Late Shri Arun Kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessment of capital gains in the hands of Late Smt.Vimla Lal by taking 50% share in the property was incorrect and no tax was required to be paid as the investment was made in the Tax Exemption Bonds. The Assessing Officer has, however, not accepted the reply of the assessee that the share of Smt.Vimla Lal was only 50 square yards but of 1050 square yards, in absence of any concrete evidence and on the ground that 950 square yards earlier gifted on 12.8.2003 to Smt.Manjula Aggarwal and Smt.Anuradha Singh, both daughters of Smt.Vimla Lal, out of total area of 2000 square yards was from the common ownership of both Shri Arun Kumar Lal and Smt.Vimla Lal as evinced by registered gift deeds executed by Shri Arun Lal and Smt.Vimla Lal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Smt.Manjula Agerwala and Smt.Anuradha Singh which clearly states that the Rear portion would be given to the daughters for construction of houses and they will have a riht on the constructed part and not on the land beneath. *Copy of Suit filed in High Court, New Delhi by Smt.Manjula Agerwala and Smt.Anuradha Singh in 2002 against Late Shri Arun Kumar Lal and Smt.Vimla Lal that clearly states the share of each person in the property which has been admitted in the Court of Law and binding on the aprties. Point no.3(i) in the enclosed suit filed in the High Court, New Delhi. * Gift deed dt. 12.8.2003 in favour of Smt.Manjula Agerwala which clearly states that Late Shri Arun Kumar Lal and Late Smt.Vimla Lal are gifting 26.6% of 2000 squar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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