ITAT HYDERABAD BENCH ‘B’
Deputy Commissioner of Income-tax
versus
S. Venkat Reddy
IT Appeal Nos. 974 & 975 (Hyd.) of 2010
[ASSESSMENT YEAR 2006-07]
NOVEMBER 9, 2012
ORDER
Chandra Poojari, Accountant Member
These two appeals by the Department are directed against different orders of the CIT(A) dated 16.4.2010 in respect of co-owners of same property bearing No. 7-2-1813/5/A/1, Sanat Nagar, Hyderabad. The grounds in these appeals are common in nature and hence these are clubbed together, heard together and are being disposed of by this common order, for the sake of convenience.
2. The common grounds are as follows :
1. The CIT(A) erred both in law and facts.
2. The CIT(A) ought to have appreciated the fact that in the registered sale deed the value of the property as per market value was correctly adopted by the Registration authorities.
3. The CIT(A) would have rejected the impugned agreement of sale which was notarized by the assessee but not registered with registration authorities.
4. The CIT(A) would not have allowed the assessee to submit additional evidence which was not filed by the assessee before the Assessing Officer and would have given due cognizance to the remand report submitted by the Addl. CIT, Range-11, Hyderabad.
3. Brief facts of the issue are that the assessee along with his brother Mr. S. Venkat Reddy and two others acquired a property at 7-2-1813/5/A/1, Sanath Nagar, Hyderabad through a sale cum GPA agreement on 25.4.2005 for Rs. 25,000,000. The assessee’s share in the property is 40%. The particulars of other co-owners along with their share holding are as under:
