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TMI Blog2020 (3) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... tire land is in the possession and ownership of Shri Paturi Krishna Babu, therefore the capital gains as per section 50C as on the date of sale i.e. 28/05/2012 has to be taxed in the hands of Shri Paturi Krishna Babu. So far as assessees is concerned, the capital gains has to be taxed in the hands of the assessee by considering the transfer has taken place on 26/07/2004 as per section 50C of the Act. In view of the above, the Assessing Officer is directed to tax the capital gains according to law. - ITA No. 556/VIZ/2017 (Asst. Year : 2013-14) - - - Dated:- 7-2-2020 - SHRI V. DURGA RAO, HON BLE JUDICIAL MEMBER Assessee by: Shri M.Madhusudana Rao, CA Department By: Smt. U.Mini Chandran, Sr.DR ORDER This appeal by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 04 to Paturi Krishna Babu through Sale Agreement-cum-GPA registration. Later, GPA holder sold the property on 28/05/2012 to third party, hence, no tax liability to him for the Financial Year 2012-13. The Assessing Officer has considered the explanation and rejected the same by observing that agreement of Sale-cum-GPA dated 23/07/2004 is not a sale deed but an agreement for sale coupled with GPA. The assessee had not received the entire sale consideration of ₹ 23,41,000/-, in fact, received 23,21,000/- by leaving balance of ₹ 20,000/- which is to be received later. It was mentioned in the document of Sale Agreement-cum-GPA that on payment of the balance amount of ₹ 20,000/-, regular sale deed will be registered in the name ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 23,41,000/-, in which he received ₹ 23,21,000/- and the remaining balance amount of ₹ 20,000/- has to be received later. According to the Assessing Officer, the same property was sold subsequently on 28/05/2012. The stamp duty value as on the date of subsequent sale i.e. on 28/05/2012 was ₹ 78,97,000/-, therefore as per section 50C capital gains has to be calculated from the date of subsequent sale made by the purchaser Shri Paturi Krishna Babu on the ground that assessee has not received full consideration i.e. he only received ₹ 23,21,000/- and ₹ 20,000/- was not received and possession was also not given to the GPA holder and therefore it has to be taxed in the hands of the assessee on subsequent sale i.e. o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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