Case Law Details
Sapnaben Dipakbhai Patel Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad held that on execution of agreement when the possession was also handed over, the transfer within the meaning of section 2(47)(v) and (vi) was complete and accordingly capital gain provisions gets applicable.
Facts- According to the AO, the Annual Information Report Wing has given an information that immovable property valued at Rs.7,41,64,205/- and of Rs.5,87,360/- have been transacted by the assessee, but in the return of income, she has shown STCG at Rs.17,92,042/- on sale consideration of Rs.66,32,100/-. The AO has called for information from Sub-registrar, Sanand on 9.11.2012 along with copy of sale deed. The AO, thereafter, confronted the assessee to disclose complete details of transfer of capital asset by her during the year. It emerges out from the record that the ld.AO has made a detailed analysis of the survey numbers, which were purchased by the assessee and alleged to have been sold in this year. The AO has made addition of Rs.6,83,09,792/- which comprises of two amounts viz. Rs.6,64,88,792/- and Rs.18,21,000/- pertaining to the transaction undertaken by the assessee in respect of two different chunks of agriculture land which were purchased by her and sold.
CIT(A) dismissed the appeal. Being aggrieved, the present appeal is filed.
Conclusion- Held that such unregistered agreement can be produced as evidence in suit for specific performance. It can be made basis of suit for specific performance.
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