9911796707
TMI Blog2017 (12) TMI 1171X X X X Extracts X X X X X X X X Extracts X X X X ..... registered sale agreement whereas the actual sale deed was registered in the assessment year 2010-11 ? ii. Whether the Tribunal was right in upholding that the transfer of impugned property took place in assessment year 2009-10 without considering the provisions of Sections 53A read with 17(1A) of the Transfer of Property Act, 1882 as amended in 2001 ? iii. Whether the Tribunal is right in holding that the capital gain is assessable only in assessment year 2009-10 even though the agreement and power of attorney holder has disclosed commission income from the sale of asset vide sale document dated 27.4.2009 ? and iv. Whether the Tribunal was right in holding that the word 'assessable' was introduced only with effect from 01.10. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer to treat the return of income filed earlier as their reply. The assessees, who are two in number, are co-owners of the property along with 18 co-owners, who had leased out the property to M/s.Voltas Limited for a period of 30 years from 1975 onwards. The original owner of the property was one Mr.P.N.Chettiar and after his demise, his legal heirs are said to have executed a power of attorney in favour of one Mr.S.Saravanan, who, in turn, executed the sale deed dated 27.4.2009 in favour of the purchaser of the property. 5. In the reopening proceedings, the Assessing Officer found that these facts were not disclosed in the return of income, which aspect was explained by the assessees stating that they had entered into an agreement dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 2(47)(v) of the Income Tax Act and the transfer is complete in all aspects. 7. The Tribunal noted the findings rendered by the Commissioner of Income Tax (Appeals) in paragraph 32 of its order and 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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