Assessee entered into a family settlement agreement by way of which assessee and four other family members had been granted right of possession\/right of tilling over a property and claimed that right of possession in respect of such land was a capital asset.\u00a0 Assessing Officer held that since assessee failed to prove ownership on land, income received by assessee for signing possession agreement was assessee\u2019s unexplained income from undisclosed sources. CIT(A) affirmed the order of the AO. On appeal the Tribunal held that\u00a0\u00a0 family agreement\/arrangements by which possession of such property was given to assessee, was never brought to notice of Assessing Officer for his consideration and even before Tribunal. The assessee had taken cost of acquisition of right of possession by taking value of land as per value computed by registered Valuer Report as on 1-4-1981, when as per his own submission, assessee got possession right over such property by way of a family arrangement without incurring any cost. Matter is\u00a0\u00a0 restored to file of Assessing Officer to examine aforesaid facts.<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains-Capital asset-Family settlement-Right of possession agreement-Undisclosed sources-Matter is restored to file of Assessing Officer to examine aforesaid facts.[S. 2(14), 69]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-50546","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-d9g","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=50546"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50546\/revisions"}],"predecessor-version":[{"id":50547,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50546\/revisions\/50547"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}