Case Law Details
ACIT Vs Ajay Jagdishnarain Agarwal (ITAT Mumbai)
fter going through the order passed by the CIT(A), we noticed that the property was purchased by Jagdish Narian Agarwal in the year 1974 after paying the full consideration. The original owners/vendors confirmed the transaction and the parties had given requisite confirmation before the district collector. They transferred the possession of the said land to Late Shri Jagdishnarian Agarwal. Original owners and confirmation parties also executed the Power of Attorney in favour of Late Shri Jagdishnarian Agarwal in which all rights were given to him. The property was exclusively under the ownership and possession of the Shri Jagdishnarian Agarwal, which was acquired by the appellant or other legal heir on demise of his father Shri Jagdish Narian Agarwal. The property was under litigation for a long time and the compensation was given for the settlement. The property was registered with the name of Shri Jagdishnarian Agarwal till the pending of the litigation, however, the same was came with the name of the appellant and other legal heirs by virtue of conveyance deed in the FY 2014-15. The registrar had charged stamp duty and prevailing market value for the said property. Accordingly, it is opined by the CIT(A) that the land was not a fresh purchase. Hence, deleted the additions raised in view of the provisions u/s 56(2)(vii)(b) of the Act in sum of Rs.2,85,42,770/-. The facts are not distinguishable at this stage. The factual interpretation of the transaction was clearly described by the CIT(A). Accordingly, we are of the view that the Ld.CIT(A) has passed the order judiciously incorrectly, which is not liable to the interfere with the appeal at this stage. Accordingly, all the issues are deciding in favour of the assessee, against the revenue.
FULL TEXT OF THE ORDER OF ITAT MUMBAI
The revenue has filed the present appeal against the order dated 29/03/2019 passed by the Commissioner of Income Tax (Appeals) -36, Mumbai [hereinafter referred to as the “CIT(A)”] relevant to the A.Y.2015-16
2. The revenue has raised the following grounds: –
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