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TMI Blog2018 (11) TMI 1241X X X X Extracts X X X X X X X X Extracts X X X X ..... the said property in which he had the right. It is not a case that any registration has been done in the favour of the assessee for the allotment of the plot. Even the assessee has transferred his right on the plot to another buyer for again there is no registration of the said transfer and consequently there is no value adopted or assessed by any authority of the State Government or Stamp Valuation Authority. The deeming fiction for taking the full value of consideration in respect of transfer of a capital asset u/s 50C is applicable where the value is assessed by stamp valuation authority, then such a value is deemed to be the full value of the consideration receipt or accruing as a result of such transfer. The word ‘assessable’ in sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts in brief are that the assessee during the year under consideration had shown short term capital gain of ₹ 4,22,189/- on sale of one lease hold residential plot admeasuring 299 sq. Yard situated at Omaxe, NRI City , Greater Noida. Besides this, assessee had also shown long term capital gain of ₹ 1,39,73,199/- on sale of residential plot which is not in dispute. So far as plot at Omaxe Greater Noida is concerned, it was submitted by the assessee that, this plot was allotted by the Noida Authority which assessee has purchased on 5.5.2005. The original cost of purchase was ₹ 13,74,766/-, thereafter assessee has incurred sum of ₹ 2,03,045/- as cost of improvement and the same was sold on 2.2.2007 at ₹ 20,00,000/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shments of any rights therein. The word capital asset means property of any kind which has the widest amplitude and even the right in the property is an asset and therefore, any transfer of right in capital has to be reckoned of transfer of capital asset. Here in this case the assessee was allotted a plot for which he has paid purchase price and also incurred certain improvement of cost. The assessee had acquired the right through endorsement documents and such endorsement was further transferred to the buyer from Shri Rajinder Bansal. Since he was beneficial owner of the said property, therefore, there was no requirement of registration of immovable property. Even the value adopted by the AO is arbitrary, because he has taken a market va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ITI report is not accepted, then the matter should be remanded back to the AO to determine the fair market value as per the circle rate / stamp value rate. 7. We have heard the rival submission and also perused the relevant finding given in the impugned order. It is not disputed by the revenue authorities that the transfer of right over the plot admeasuring 299 sq. yds amounts to transfer of a capital asset in terms of section 2(47). The assessee had acquired the plot in question by way of allotment and had acquired the right through endorsement document. This endorsement document has been further transferred to another buyer, because he was the beneficial owner of the said property in which he had the right. It is not a case that a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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