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TMI Blog2021 (9) TMI 224X X X X Extracts X X X X X X X X Extracts X X X X ..... eaning of the word transfer as per Income Tax Act for the charge ability of capital gains, for the registration of property as long as the possession and part consideration has been effected with regard to the subject property. Therefore, the above will have no relevance with regard to the computation and chargeability of capital gains for the year under consideration and the appellant has already offered the sale consideration for the purpose of computing the capital gains or capital loss in the instant case - Decided against revenue . - ITA No. 2157/H/2018 - - - Dated:- 25-8-2021 - Satbeer Singh Godara , Member ( J ) And Laxmi Prasad Sahu , Member ( A ) For the Appellant : Narayanamurthy Naik For the Respondents : K. A. Sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The A.O. completed the assessment u/s. 144 vide order dated 01.12.2016 arriving at total assessed income of ₹ 74,80,05,526/- as there was no response to the hearing notices/show cause notice issued during the course of the assessment proceedings. The additions made were on account of LTCG on sale of land at ₹ 10,56,15,000/- and LTCG on sale of asset of ₹ 54,04,57,660/- and unexplained investment of ₹ 8,01,61,106/-. 3. When the assessee preferred an appeal before the CIT(A), the CIT(A) allowed the appeal of the assessee. 4. Aggrieved, the revenue is in appeal before the ITAT. 5. As per grounds of appeal, the issue in dispute is against the action of CIT(A) in allowing assessee's claim with regard to capit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the subject property. Therefore, the above will have no relevance with regard to the computation and chargeability of capital gains for the year under consideration and the appellant has already offered the sale consideration for the purpose of computing the capital gains or capital loss in the instant case. The A.O. has further stated that the quantum of sale consideration has been settled with certain investments of almost equivalent amounts. The mode of payment of sale consideration is not relevant for the purpose of chargeability of capital gains especially when a clear finding of fact has been recorded by the A.O. that the transaction has been done as per SRO value within the meaning of section 50C of the Income Tax Act, which has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions, which are placed on record. 11. We have considered the rival submissions and perused the material on record as well as gone through the orders of revenue authorities. We have perused the written submissions filed by both the parties. Before allowing the assessee's claim of capital loss, the CIT(A) categorically observed that in those paras of the remand report, the A.O. has accepted that the land was sold by the appellant, for which substantial consideration has been received coupled with the handing over of the possession of the said land. The buyer has also reflected the same in her balance sheet and the Wealth Tax Returns subsequently. The A.O. has however stated that the property is not yet been registered. There is no req ..... X X X X Extracts X X X X X X X X Extracts X X X X
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