Amarjeet Kaur Vs ACIT (ITAT Delhi)
In the present facts of the case in the first part, the assessee is an individual and during the course of assessment proceedings, the AO noted that the assessee has claimed capital gain on sale of her undivided 12.5% share which was sold for Rs.74 lacs to her son and her son has purchased the undivided 25% share of the said property from his uncle at Rs.2,40,00,000/-. According to the AO, the rate at which it is sold by the assessee is under valued and made addition of Rs.45.50 lakhs.
In another part, the AO noted that during the year the assessee sold another property at Rs.39.30 crores. But, in computation the sale consideration of this property is taken at Rs.37,59,20,845/-. The reason put by the assessee was that an amount of Rs.1.50 crores was forfeited by the buyer and that Rs.20,79,155/- was paid as brokerage on the sale of the property. The forfeited amount was shown as payable in the books of the buyer, due to which AO rejected the claim of forfeiture of an amount of Rs.1.30 crores and added the same to the total income.
In the first part, the ld.CIT(A) upheld the addition of Rs. 45.50 lacs. and have observed that the fact that purchaser was the son of the appellant does not really change the nature of transaction and it cannot be treated as gift.
