9911796707
TMI Blog2007 (1) TMI 587X X X X Extracts X X X X X X X X Extracts X X X X ..... <![endif]--><!--[if gte mso 10]> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0cm; line-height:115% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the assessment year 1994-95 on 21-2-1995 declaring his total income at ₹ 1,06,740. On 25-11-2002, the Assessing Officer framed the assessment under section 143(3) of the Act at a total income of ₹ 11,97,600 and made an addition of ₹ 11,22,260 on account of short-term capital gain on sale of 92 marlas of land (P-1). The assessee filed an appeal before the Commissioner of Income-tax (Appeals), Jalandhar, who deleted the addition of ₹ 11,22,260, which was made by the Assessing Officer on account of short-term capital gain, holding that the profit earned by the assessee on the sale of land was long-term capital gain as declared by the assessee at ₹ 29,404 and not a short-term capital gain as assessed by the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usiness premises of Shri Gurbachan Singh, who had purchased the aforementioned land from the assessee. On the basis of the documents seized, the total payment received by Shri Ram Kumar, assessee, from Gurbachan Singh was ₹ 12,35,000. The document narrated the cash amount paid to the assessee twice as ₹ 5,00,000 and ₹ 4,35,000 other than the drafts of ₹ 3,00,000 and accordingly, the Assessing Officer held that the assessee had received ₹ 12,35,000 as sale price and not ₹ 3,00,000 as disclosed in the return or in the transfer deed. The same was held to be short-term capital gain because the assessee was stated to have acquired the rights of ownership in the property on 24-2-1993, which was disposed of vide ..... X X X X Extracts X X X X X X X X Extracts X X X X
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