9911796707
TMI Blog2013 (6) TMI 667X X X X Extracts X X X X X X X X Extracts X X X X ..... urana wherein the long term capital gain on sale of property has been disclosed by him. As the Revenue has not brought on record any material to prove that the assessee was the sole owner of the property it is also a fact that Mr. Khurana, the co-owner of the property, has offered his share of capital gains in the return of income for A.Y. 2006-07. However there is nothing on record to show as to how the profit on sale of aforesaid property has been treated in the hands of Shri Jagdish Khurana while finalizing his assessment. Thus the entire capital gains cannot be taxed in the hands of assessee ,therefore this aspect needs examination at the end of AO. As the addition itself has been deleted the penalty does not survive. In favour of as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Ld. CIT(A) has grievously erred in law and or on facts in failing to consider fully and properly the submissions made and evidence produced by the appellant. 2.1 The Ld.CIT(A) has grievously erred in law and on facts in confirming that the appellant was the sole owner of the immovable property in Sweet Home Society, Mumbai. 2.2 That in the facts and circumstances of the case as well as in law, the Ld.CIT(A) ought not to have upheld that the appellant was the sole owner of the property in Sweet Home Society, Mumbai, though the purchase consideration was paid in equal share by both the appellant company and Shri Jagdish Khurana, even recorded accordingly in the respective books of account and shown in the respective returns of income of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property. On sale of property he was paid his share of Rs.17 lacs and therefore the assessee's share of profits was Rs. 17,11,000/-(Rs. 34,00,000/- less Rs.17,00,000/-) he submission of the assessee was not found acceptable to the Assessing Officer as he was of the view that the documents like sale deed possession letter showed the assessee to be legal owner of the property and Mr. Jagdish Khurana had no legal right or share in the property. He was thus of the view that the deduction of Rs.17 lacs claimed by the assessee in respect of amount given to Jagdish Khurana while computing long term capital gains cannot be allowed. He accordingly computed the taxable long term capital gain at Rs. 4,81,023/- and added to the income. Aggrieved by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the sale and received the full sale consideration. The alleged side role of Mr. Jagdish Khurana is not significant here. As per settled legal position any income has to be taxed in the right hands. Here the right person is the appellant only. Therefore the action of the Assessing Officer in computing the long term capital gains at Rs. 4.81,023/- in the hand of the appellant is held to be justified. The same is hereby confirmed. 5. Aggrieved by the aforesaid order of CIT(A), the Assessee is now in appeal before us. 6. Before us the learned A.R. submitted that the flat at Sweet Home CO.- Op. Housing Society was booked by the company in 1997 and the total value of the flat was Rs. 16,70,000/-. The assessee had paid only Rs. 7,97,500/- o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s supported the order of Assessing Officer. 8. We have heard the rival submissions and perused the material on record. It is an undisputed fact that the assessee had received Rs. 34,11,000/- on the sale of property. The assessee has submitted that out of the total cost of Rs.16.70 lacs incurred for acquiring the property, the assessee had paid only Rs.7,97,500/- and the remaining amount was paid by Shri Jagdish Khurana. In the audited balance sheet of the assessee for F.Y. 2003-04 placed before us, It is seen that the assessee had shown investments in Sweet Co.Op. Housing Society of Rs. 8,12,500/-. Assessee also has placed on record the copy of computation of income for A.Y. 2006-07 of Shri Jagdish Khurana wherein the long term capital ga ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
