9911796707
TMI Blog2017 (12) TMI 1171X X X X Extracts X X X X X X X X Extracts X X X X ..... the findings rendered by the Commissioner of Income Tax (Appeals) held that the observation of the Commissioner of Income Tax (Appeals) that the assessee had complied with the provisions in the financial year 2008-09 and paid capital gains and that there were no long term capital gains taxable in the assessment year 2010-11 to be just and proper. The above finding rendered by the Tribunal is on re-appreciation of the factual position as recorded by the Commissioner of Income Tax (Appeals). In respect of other co-owners, similar orders were passed by the Commissioner of Income Tax (Appeals) and they had attained finality, as the Revenue did not prefer appeals against those orders. We are of the considered view that the above questions frame ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal was right in holding that the word 'assessable' was introduced only with effect from 01.10.2009 and hence, Section 50C is not applicable in this case though the property has already been assessed by the stamp valuing authorities through sale deed dated 27.4.2009 prior to insertion of the word 'assessable' ? 3. Before we go into the aspect as to whether the above questions of law arise for consideration, we are required to take note of the following facts: The Revenue filed appeals before the Tribunal against the orders passed by the Commissioner of Income Tax (Appeals) deleting the disallowance of long term capital gains for the assessment year 2010-11 where transfer took place in the financial year 2008- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... losed in the return of income, which aspect was explained by the assessees stating that they had entered into an agreement dated 23.7.2008, though the sale deed was executed by the power of attorney holder on 27.4.2009. The Assessing Officer applied the provisions of Section 50C of the Income Tax Act and came to the conclusion that the assessees sold the property during the financial year 2009-10 irrespective of the fact that possession was given to the purchaser based on the sale agreement dated 23.7.2008 for a consideration of ₹ 3,07,55,400/- and was of the opinion that the transfer took place in the assessment year 2010-11 and that capital gains are taxable in the hands of the assessees and accordingly, two orders were passed respe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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