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TMI Blog2023 (2) TMI 914X X X X Extracts X X X X X X X X Extracts X X X X ..... ly and had completed before 01.10.2009. So the provisions of Section 56(2)(vii)(b) which were introduced in the Act by Finance Act, 2010, with retrospective effect from 01.10.2009 are wrongly applied. Transfer Deed of lease hold rights executed and registered on 23.10.2010 was merely documents whose execution became necessary for creating a legal title. Assessee cannot be put to disadvantage on basis of this documents dated 23/10/2010, so as to say that there was transfer of interest on this date only. All the previous documents once duly protected by Suraj Lamp and Industries Pvt. Ltd. Case [ 2011 (10) TMI 8 - SUPREME COURT ] deserved to be taken into consideration, which Ld. Tax Authorities below failed to do. Addition u/s 69 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal uncle who had executed a gift deed on 15.04.2009. It was claimed by the assessee that as authorities were not transferring the property merely on the basis of gift, the maternal uncle had also executed agreement to sell without possession dated 13.05.2009, a notarized Will dated 25.03.2009 and also executed registered GPA dated 13.05.2009. Subsequently, the transfer deed was executed on 23.10.2010 by Sri Ravinder Singh the GPA of Sri Charan Singh, the maternal uncle of the assessee. The AO has rejected the claim of gift in the light of provisions of Section 56(2)(vii)(b) of the Act which were introduced in the Act by Finance Act, 2010, with retrospective effect from 01.10.2009. The Ld. AO had considered this transfer to be a deemed gift ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 3,00,000/- which were explained by the assessee from the bank statement showing that Rs. 4,00,000/- were transferred by the husband of appellant, however, Rs. 1,00,000/- which was shown prior to receipt of Rs. 4,00,000/- from her husband was found to be correctly assessed as unexplained investment in plot and to that extent it was confirmed. 5. The assessee has approached this Tribunal challenging the order of Ld. First Appellate Authority, raising following grounds of Appeal. 1. That in the facts and circumstances of the case and in law ld. CIT(A) erred in deeming gift of immovable property to appellant by Sh. Charan Singh (Mama Sasur ( Mama of husband of appellant) as sale. 2. That in the facts and circumstances of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amendment of 2010 became effective retrospectively from 01.10.2009. It was contended that out of ill advise and due to some confusion created by registration authorities documents of all sorts were executed to protect the interest of assessee while it was a simple gift with effect from 25.03.2009. It was submitted that the ld. Revenue authorities below wrongly considered the transfer deed executed on 23.10.2010 to be determinative document and considered transaction to be a deemed gift for the purpose of Section 56(2)(vii)(b) of the Act while the relevant document was executed on 25.03.2009 or 13.05.2009. He relied the judgment of Hon ble Supreme Court of India in Suraj Lamp and Industries Pvt. Ltd. vs. The state of Haryana and Ors. (2012) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ey was executed on 13.05.2009 by Sh. Charan Singh in favour of the Ravinder Singh, son of Bhag Singh. The same is on record at page no. 146 of the PB. 0000. Then lastly there is Transfer Deed of lease hold rights executed and registered on 23.10.2010. 10. Thus, what can be concluded is that the gift document of 15.04.2009 was the first document of a voluntary transfer of interest in immovable property without consideration and other documents like Will agreement to sell or GPA were executed subsequently on precautionary basis. The judgment relied by the Ld AR in Suraj Lamp and Industries Pvt. Ltd. (supra) protected documents like Gift, GPA and Will if they were executed before 11/10/2011 and aforesaid documents have to be considered as p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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