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TMI Blog2022 (10) TMI 688X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal, appellant had already executed a registered sale deed which is treated as valid transfer under Section 2(47)(V) of the Act. The other documents relied upon by the appellant were only pleadings before civil and criminal courts, which proceedings were yet to attain finality. Accordingly, Tribunal upheld the addition of long term capital gains made by the assessing officer as confirmed by the CIT(A). After holding so, Tribunal noted that the appeal was decided after a period of 90 days from the date of hearing; the same was because of the covid lock down situation and referred to the orders passed by the Supreme Court extending limitation. On thorough consideration of all aspects of the matter, we are of the view that no substantial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal was justified in rejecting the adjournment request and treating it as heard in violation of the principles of natural justice, overlooking the fact that counsel on record was not well and the person who had appeared on behalf of the counsel was not the power of attorney holder but only requested to seek adjournment ? 3. Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal was justified in passing the order without considering the plea of the appellant dt.16.04.2022, wherein it was requested to keep the matter in abeyance till the outcome of civil suit (OS.No.89 of 2021) ? 4. Whether on the fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... initiated separately with the reason that there is a clear escapement of income was found and the assessee has not filed his return of income till the issue was unearthed by the revenue and even in the return filed in response to notice served U/s.148, the assessee is trying to make belief with the unregistered transactions entered into. The assessee has not provided details such as cost of acquisition of land and cost of construction. Hence, the value of the land and construction cost of the building put together is adopted @ Rs.500/- per Sq. Yd. as 01.04.1981, since, the property acquired is before 01.04.1981. Total area of the land is 735 Sq.Yds and the cost of acquisition is worked out to Rs.23,22,600/- after indexation. 7. Ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he possession has been handed over to the purchaser. The assessee's reliance on earlier transaction and application of part of consideration for repayment of money to Sri K. Vijaya Bhaskar Reddy with whom an earlier agreement of sale / GPA was entered into is of no relevance to decide the nature of the transaction. The distribution of money between the broker, assessee and the purchaser of the property from the loan raised against the property is a subsequent act which would not change character of the transaction already entered into by the assessee with the purchaser of the property. The fact that ultimate purchaser Smt. Manju Devi Taparia has admitted on oath that the consideration as recorded in the document was passed on and the tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... This is for the reason that he has already executed the impugned registered sale deed; treated as a valid transfer u/s.2(47)(v) of the Act which is deemed to have superceded the oral as well as un-registered documents between the vendor and the vendee; as the case may be. And also that whatever are the documents sought to be filed by way of additional evidence, the same only contain pleadings before the respective civil and criminal courts (supra) which are yet to attain finality. We are unable to treat the assessee or his family members' pleadings or evidence therein as forming the sole basis so far as assessment of his impugned capital gains is concerned. We wish to refer to hon'ble apex court's decision in CIT VS. Balb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 'ble apex court's recent directions dated 27-04-2001 in M.A.No.665/2021 in SM(W)C No.3/2020 In Re Cognizance for extension of limitation' making it clear that in such cases where the limitation period (including that prescribed for institution as well as termination) shall stand excluded from 14th of March, 2021 till further orders in above terms. 10. Thus according to the Tribunal, appellant had already executed a registered sale deed which is treated as valid transfer under Section 2(47)(V) of the Act. The other documents relied upon by the appellant were only pleadings before civil and criminal courts, which proceedings were yet to attain finality. Accordingly, Tribunal upheld the addition of long term capital gains ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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