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Entire sale consideration taxable in the hands of owner as GPA not accounted in his return
Case Law Details
- Case Name
- Dr. Sabesan Parameswaran Vs ACIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Chennai
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Dr. Sabesan Parameswaran Vs ACIT (ITAT Chennai)
ITAT Chennai held that as the PoA and sale deed are executed on the same day clarifies that PoA holder has no legal right or interest in the property. Further, GPA (General Power of Attorney) has not accounted for consideration in his ROI. Hence entire sale consideration taxable in the hands of assessee.
Facts-
The assessee has disclosed LTCG of Rs.29,81,660/- on account of sale of land. AO noted that the assessee as per sale deed received sale consideration of Rs.7,43,50,000/- and the assessee submitted the details and from the perusal of sale d...
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