15,20,900/ inclusive of Rs.
This appears to be the reason given by the Tribunal for upholding the companytention advanced on behalf of the assessee.
260A to the Uttaranchal High Court which has upheld the judgment of the Tribunal.
The AO did number agree with the companytention of the assessee and accordingly worked out capital gains liability on the entire companysideration of Rs.
Aggrieved by the said decision, the Department carried the matter in appeal under Sec.
Assessee entered into an agreement to sell 7000 sq.ms.
In the period relevant to Assessment Year 1989 90 assessee claims to have transferred 24 plots to the numberinees of M s. Kumaon Construction Ltd. for total companysideration of Rs.
2 47 v was number applicable.
of vacant land that he companytinues to be in possession of the land number transferred and therefore Sec.
It appears from the agreement dated 25.4.1988 that the assessee had agreed to sell to M s. Kumaon Construction Ltd., Nainital, land admeasuring 7000 sq.ms That agreement is subsequently rescinded.
2.00 lacs were received as advance.
According to the Tribunal the order of AO was based upon mis conception of legal principles.
According to the Tribunal in the period relevant to the Assessment Year under companysideration, assessee had transferred 24 plots to different persons 3 numberinees of M s. Kumaon Construction Ltd. for total companysideration of Rs.15,20,900/ and therefore the assessee was number liable to return capital gains on the sum of Rs.25.00 lacs.
The sub divided 24 plots were companyveyed by the assessee to the numberinees of M s. Kumaon Construction Ltd None of the saledeeds have been produced by the assessee before the Department.
Unfortunately, in the present civil appeals the basic facts are number on the record.
O R D E R Leave granted.
In his reply assessee submitted that he has number given possession of the entire area of 7000 sq.ms.
or a part thereof stood companyveyed and delivered to M s. Kumaon Construction Ltd. at the relevant time.
25.00 lacs fixed in the agreement for sale.
It is number clear as to how many plots stood companyveyed and how many plots remained.
25.00 lacs principally on the ground that major portion of total land has already been sold and thus a part of companytract was performed and accordingly the case stood companyered by Sec.
The agreement was registered with Sub Registrar, Nainital, and Rs.
However, between 25.4.1988 and the date of rescisson 22.10.1990 the plot admeasuring 7000 sq.ms.
vacant land to M s. Kumaon Constructions Ltd., Nainital, for Rs.25.00 lacs.
2.00 lacs as advance.
2 The Assessing Officer called upon the assessee to show cause why capital gains should number be assessed with reference to total companysideration of Rs.
Hence these civil appeals.
