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Showing contexts for: marathi language in Ravindra Ramrao Rajadnya, Aurangabad vs Assessee on 27 April, 2016Matching Fragments
5) On the facts and in the circumstances of the case and in law the assessee denies his liability to pay interest u/s. 234-A, 234-B and 234-C of the Act and the same be deleted Shri Ravindra Ramrao Rajadnya
4. The issue in grounds of appeal No.1 and 2 is in relation to the addition made on account of capital gains amounting to Rs.45,30,000/- on protective basis.
5. Briefly, in the facts of the case, the assessee was working as Deputy Engineer with MIDC, Aurangabad since 1998. The assessee had also worked as an employee of MIDC Chiplun Sub-Division during the period from 1974 to 1987 as Asst. Engineer. The assessee had purchased agricultural land on 15.04.1999 admeasuring 2 Hectors 40R at Chiplun, Dist. Ratnagiri for Rs.2 lakhs and had paid stamp duty of Rs.61,000/-. The assessee entered into an agreement to sell the said land with Shri Ajmal Fazaluddin Patel on 05.06.2004 for consideration of Rs.7,50,000/-. The assessee also gave an irrevocable General Power of Attorney dated 05.06.2004 to Shri A.F. Patel for the said land. On the basis of said agreement to sell / irrevocable GPA, Shri A.F. Patel sold the land at Chiplun for consideration of Rs.52,80,000/- vide sale deed dated 30.12.2004 and handed over the ownership and possession of the land to Chiplun Municipal Council. The factual finding of the authorities below was that there was no supporting evidence on record proving that the above stated consideration for sale of land collected by Shri A.F. Patel on the basis of irrevocable GPA / agreement to sell dated 05.06.2004 had been received by the assessee from Shri A.F. Patel, except Rs.7,50,000/ - as agreed to have been received by the assessee. During the course of TDS enquiry by the ITO, Ratnagiri, it was noticed that the assessee has sold the said piece of land to Chiplun Municipal Council and on this basis, the ITO, Ward-4, Ratnagiri issued notice under section 142(1) of the Act to the assessee in connection with taxability of capital gains from the above said transaction. The assessee has failed to comply with the same and thereafter, summons under section 131 of Shri Ravindra Ramrao Rajadnya the Act were issued. The assessee furnished return of income on 25.07.2005 for the relevant assessment year with ITO, Ward 2(2), Aurangabad. Considering this, ITO, Ward 4, Ratnagiri submitted detailed report on the action taken by him to the ITO, Ward 2(2), Aurangabad vide letter dated 22.02.2006 along with statement recorded of the assessee as also the statement recorded of Shri A.F. Patel along with corresponding papers serially numbered 1 to 67. After interrogation, the assessee filed revised return of income on 17.01.2006 accepting the sale consideration of Rs.52,80,000/- and after deducting cost of acquisition and also improvement cost of Rs.44,30,000/- had declared income from long term capital gains at Rs.5,27,543/- in the revised return of income. Along with return of income, the assessee also enclosed two TDS certificates issued by Municipal Council, Chiplun for Rs.60,720/- each accepting the sale transactions. During the course of assessment proceedings, the assessee filed second revised return of income on 31.03.2007 in which the assessee in addition to the salary income, has shown capital gains of Rs.3,61,311/-. In the re-revised return, the assessee has claimed sale consideration to Rs.7,50,000/- The Assessing Officer considered at length the assessee having filed different returns of income and observed that the ownership of land was confirmed by the assessee himself in his statement record under section 131 of the Act and further enquiries were made as to whether the land sold by the assessee to Shri A.F. Patel and whether he had further sold to Chiplu n Municipal Council. The assessee in reply, confirmed that he had sold the land to Shri A.F. Patel for Rs.7,50,000/- on 05.06.2004 and had received part money up to October, 2004 and part of balance money of Rs.4,60,000/- was received in cash during the period January, 2005 to August, 200 5. In support, the assessee furnished the document on stamp paper dated 01.06.2004 of Rs.20/- typed in Marathi language known as Agreement letter dated 05.06.2006. The Assessing Officer Shri Ravindra Ramrao Rajadnya was of the view that where the land sold stood in the name of assessee as per 7/12 extract of the said land and where the TDS certificates were also issued by Chiplun Municipal Council in the name of assessee and Shri A.F. Patel was only GPA holder, the claim of the assessee that the land was transferred / sold to Shri A.P. Patel for Rs. 7,50,000/- was not accepted.