9911796707
TMI Blog2025 (2) TMI 1038X X X X Extracts X X X X X X X X Extracts X X X X ..... aining 50% belonged to Guramrit Singh Gill. We note that no money was ever received under this agreement and this was never performed or executed. We also note that the said land was sold by both the co-owners. i.e assessee as well as his brother Shri Guramrit Singh Gill on 28.08.2017 for the agreed consideration and the capital gain arose in the assessment year 2018-19 and would be paid accordingly.
We observed that in the case of another co-owners Shi Guramrit Singh Gill, the same plea has been accepted by the ld. AO in the reassessment proceedings for the same assessment year 2013-14 and no addition was made.
Accordingly, we set aside the order of ld. CIT (A) and direct the AO to delete the addition. Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,46,41,326/- as share of the assessee by treating the same as sale of property by the assessee and accordingly, show cause notice was issued which was replied by the assessee. In the said reply the assessee submitted that the land was given to M/s Monark Dealcom Pvt. ltd. for joint development and no money was ever received. It was further stated that the said development agreement was never executed and carried through and on 29.08.2017 assessee entered into fresh agreement with the same party, wherein the assessee agreed to sell his share in the land for an agreed consideration and tax was also paid on the capital gain in the assessment year 2018-19. However, the reply of the assessee did not find in favour and the ld. AO added the long- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith M/s Monark Dealcom Pvt. Ltd. in respect of landed property located at premises no.125A, Motilal Nehru Road, Kolkata of which he was 50% owner and remaining 50% belonged to Guramrit Singh Gill. We note that no money was ever received under this agreement and this was never performed or executed. We also note that the said land was sold by both the co-owners. i.e assessee as well as his brother Shri Guramrit Singh Gill on 28.08.2017 for the agreed consideration and the capital gain arose in the assessment year 2018-19 and would be paid accordingly. We observed that in the case of another co-owners Shi Guramrit Singh Gill, the same plea has been accepted by the ld. AO in the reassessment proceedings for the same assessment year 2013-14 and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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