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The Tax PublishersITA No. 72/Ind/2019
2021 TaxPub(DT) 0514 (Ind-Trib)INCOME TAX ACT, 1961
Section 50C
Where AO alleged that piece of land in question was transferred by assessee; however, on perusal of registered sale deed, it was found that assessee was merely a Power of Attorney holder, but from assessment order, it was not clear as to whether the sale deed was placed before the AO or not, therefore, the matter was remanded to the AO for making de novo consideration.
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Capital gains - Applicability of section 50C - Transfer of property as Power of Attorney holder -
Assessee transferred a piece of land. AO applying provisions of section 50C and considering stamp duty value to be actual consideration, assessed short- term capital gain in the hands of the assessee. Assessee submitted that he had not transferred the piece of land as owner of the property and he merely transferred the land as Power of Attorney holder. He further submitted that he was merely an agent, who earned commission on such transfer. Held: From the registered sale deed furnished by assessee, it was noticed that the sale deed was executed by a person 'T', who entered into agreement to sale with the original land-owners, namely, 'S' and 'B'. Further, the assessee was merely a Power of Attorney holder. However, from the assessment order, it was not clear as to whether the sale deed was placed before the AO or not. Therefore, the matter was remanded to the AO for making de novo consideration.
REFERRED :
FAVOUR : Matter remanded
A.Y. : 2007-08
IN THE ITAT, INDORE BENCH
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