Tribunal held that the assessee was only a procurement agent and entitled to commission and the original owners were provided the funds and after conversion to non-Agriculture ands, the assessee had executed a registered sale deed in favour of firm. . Accordingly the issue was remitted for limited purpose to the Assessing Officer for examination and verification of the claims.( AY. 2010-11)
B. S. Leelavathi (Smt.) v. ITO (2020) 82 ITR 45 (SN)(Bang) (Trib)
S. 50C : Capital gains – Full value of consideration – Stamp valuation -Property purchased from the funds of the firm – Procuring agent and not owner – Addition cannot be made – Matter remanded for verification [ S.45 ]