9911796707
TMI Blog2018 (5) TMI 1163X X X X Extracts X X X X X X X X Extracts X X X X ..... , ₹ 4,04,77,669/- was received by such confirming party. When the assessee never received anything beyond ₹ 38,74,431/- originally agreed, question of charing capital gain from the assessee on a sum larger than the said amount of ₹ 38,74,431/- would not arise. It is true that in a short span, the parties to the said transactions showed spectacular appreciation in land price. If the Revenue was of the opinion that such unusual rise in the land price indicated non-genuineness of the transaction itself, no such angle has been probed. In any case, the remaining sale consideration of ₹ 4,04,77,669/- received by Melody Pvt. Ltd can always be taxed appropriately in the hands of the said recipient. We fail to see how t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch was in the nature of a sale deed on 25.03.2009. Under this deed, the land in question was sold to one Gatil Properties Ltd for a sale consideration of ₹ 4,43,52,100/-. The assessee was the seller. Gatil Properties Ltd was the buyer and Melody Complex Pvt. Ltd was the confirming party in the said document. The document also showed that the assessee also received the balance sale consideration of ₹ 37,74,431/- whereas the remaining amount of ₹ 4,04,77,669/- was received by Melody Complex Pvt. Ltd. The possession was handed over to the petitioner on 25.03.2009. 3. In the return filed, the assessee claimed that the cost of acquisition of the land was ₹ 33,69,763/- and was sold for ₹ 38,74,431/-. The differenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d similar principles. 7. Quite apart from what the Tribunal had said in the impugned order, the fundamental issue which according to us requires consideration is did assessee receive sale consideration of ₹ 4,43,52,100/- out of such sale? In the sale deed, the assessee did pose as a seller and sale consideration stated to have been paid by the purchaser Gatil Properties Ltd was undoubtedly ₹ 4,43,52,100/-. However the entire amount was never received by the assessee. It was a confirming party- Melody Complex Pvt. Ltd which, under the agreement to sale, had a right to insist on purchasing the land or seek specific performance of the agreement and receive bulk of the sale consideration. Out of the total sale consideration, S ..... X X X X Extracts X X X X X X X X Extracts X X X X
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