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| The Tax Publishers2020 TaxPub(DT) 1853 (Rkt-Trib) INCOME TAX ACT, 1961
Section 48
Where revenue attached properties belonging to a private trust to recover dues of trustees, who was a director of a company which allegedly defaulted in paying its tax dues, considering fact that said properties did not belong to trustees or legal heirs / representatives, there was no question of said properties being diverted to trust to evade payment of due tax.
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Capital gains - Computation - Assessee whether sold the land in dispute as per Sanakhat found during course of search under section 132 -
AO enhanced sales consideration shown by assessee by placing reliance on Sanakhat found pursuant to a search action under section 132. Issue for determination was as to whether assessee sold the land in dispute as per Sanakhat found during course of search under section 132 or as disclosed in registered document. Held: The provisions of section 48 does not refer to take the fair market value as the sale consideration. Entire thrust of AO for making addition was based on Sanakhat found during the course of search. But AO did not bring anything on record for any movement of fund received by assessee over and above value declared in the registered documents. Value as adopted by AO for Rs. 4.65 crores treating sale consideration was not sustainable. Transaction could not be treated as colourable device adopted by assessee to escape from the income tax liability.
Distinguished:McDowell and Co. Ltd. v. CTO (1985) 154 ITR 148 (SC) : 1985 TaxPub(DT) 1186 (SC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. :
INCOME TAX ACT, 1961
Section 132
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