9911796707
TMI Blog2015 (8) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... re in the property at Bhyayander, by assuming that assessee was in receipt of cash consideration in excess of price quoted in the sale deed. The AO based his conclusion on the plea that one of the co-owners have sold his shares in the said land for a higher consideration, as compared to the consideration shown by assessee. 3. Rival contentions have been heard and record perused. Facts in brief are that the assessee is an individual having income from capital gain on sale of land and income from other sources during the relevant assessment year. During the course of assessment, the AO has observed that the assessee an HUF is the co-owner along with 4 other HUFs each having equal share in their ancestral land bearing old Survey Nos.661, 675, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to Rs. 66,50,000-. With this background, the AO has observed that the long term capital gain on sale of the land was not disclosed by the assessee in its return of income filed for the relevant assessment year. Accordingly, the full value of the sale consideration in the hands of the assessee amounting to Rs. 1.10 crores was added in the hands of the assessee as on date of transfer for the computation of LTCG on sale of land. Accordingly, the AO held that the assessee's share of long term capital gain arisen on sale of land amounting to Rs. 1.10 crores is fully taxable in the hands of the assessee in the relevant assessment year. 4. By the impugned order, the CIT(A) confirmed the action of the AO and the assessee is further appeal before u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d rival contentions, gone through the orders of the authorities below and found from the record that the assessee along with 3 other co-owners viz Vinayak A. Rakvi,(HUF) Bhalchandra A. Rakvi (HUF) and. Moreshwar A. Rakvi (HUF) have sold 4/5th share of their property as discussed above to Shri Sanjay M. Punamiya of Mls.Sandhya Enterprises and MIs Sankeshwar Enterprises for a consideration of Rs. 2.66 crores as per the agreement dated 31.10.2005. The balance 1/5th part of the land belonging to Rajiv G. Rakvi (HUF) (son of 5th brother of the earlier mentioned four co-owners) has sold its share in the same land for Rs.l.I0 crores. to the same party vide agreement dated 25.10.2005. We found that the assessee has disclosed 1/4th share amounting t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taken by the AO on the basis of sale deed executed by other co-owner of the very same property namely Rajiv G. Rakvi (HUF). We found that without making any independent enquiry from the market, the AO has assumed that assessee has received the same amount of sale consideration as was received by other co-owners. No cogent material was brought on record to substantiate its stand by the AO, nor the CIT(A) to the effect that assessee has actually received sale consideration more than what has been mentioned in the sale deed. In the interest of justice and fairplay, we restore this ground back to the file of AO with a direction to the AO to make enquiry so as to find out any sale consideration received by the assessee in excess of sale conside ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
