9911796707
TMI Blog2013 (12) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... agreements are very much clear that it was a clear cut agreement of sale - No contrary facts or decision was brought to our notice by either side and more specifically the Revenue - Decided against Revenue. - I. T. A. No. 4 of 2013. - - - Dated:- 29-8-2013 - JAISWAL P. K., WAGHMARE MRS. S. R., JJ. For the Appellant : Shri R. L. Jain, learned senior advocate with Ms. Veena Mandlik, advocate, For the Respondent : Shri P. M. Choudhary, advocate, JUDGEMENT Heard on the question of admission. Brief facts of the case are that the assessee is an individual. The assessee filed his return of income for the assessment year 2004-05 on March 31, 2005, declaring a total income at Rs. 13,08,140. The return was processed under section 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Tribunal, Indore held that the amount was received by the assessee from PESPL against the sale of the land and thus the receipt is not in the nature of loans or advances. The Income-tax Appellate Tribunal, Indore, deleted the addition made by the Assessing Officer on account of section 2(22)(e). Meanwhile, as per the direction of the learned Commissioner of Income-tax (Appeals) the case of the assessee for the assessment year 2004-05 was reopened and accordingly the assessment order was passed under section 143(3)/147 dated June 7, 2010, wherein the addition of Rs. 57,57,676 was made by the Assessing Officer under section 2(22)(e). The assessee went on appeal in his case for the assessment year 2004-05 against the addition of Rs. 57,57 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during the year, under consideration, the assessee has taken the following amounts of Rs. 1,94,58,728 from the company : Date Particulars Debit amount Credit amount 01-04-04 By op. Bal. 8,798,728 01-04-04 By cheque 600,000 08-04-04 By cheque 1,150,000 08-04-04 By cheque 1,550,000 02-06-04 By cheque 800,000 02-06-04 By cheque 1,900,000 02-07-04 By cheque 1,750,000 18-09-04 By cheques 1,00,000 05-10-04 By cheques 700,000 30-03-05 By cheques 410,000 Total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on record (pages 59 to 63 of the paper book). We find that the land was owned by the assessee which he agreed to sell to M/s. Puzzling Equipref Services P. Ltd. for a consideration of Rs. 2,53,60,000. As per the terms of the agreement, M/s. Puzzling Equipref Services P. Ltd. was required to pay a part of the sale consideration in advance. The agreement to sell also witnessed payment of these amounts through account payee cheques to the assessee on various dates as mentioned at page 3 of the agreement to sell. Thus, we find that the amount so received by the assessee was against the sale of land owned by him title of which is clear from the documents placed on record. Since the amount was received as a sale consideration in the normal cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er. The relevant paragraph of the impugned order reads as under : "We have perused the agreement to sale (pages 28 to 32 of the paper book). As per clause 2 of the said agreement (page 39 of paper, book), the amount of Rs. 2,53,60,000 was agreed to be given to the assessee by the purchaser and part of the payment was received through cheque. The assessee was also supposed to get conversion of the land within two months. As per clause 10 (page 31 of the paper book), the purchaser was free to do the development work on the land and was also free to sell the same to any third-party for which the assessee had no objection. In view of these facts, it cannot be said that it was a loan or an advance to the assessee. The contents of the sale agre ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
