Assessment framed on the basis of Form 26AS set aside- Sales consideration cannot be determined only on the basis of Form 26AS
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Case Name: |
Jaya Prakash vs. ITO |
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Case Details: |
ITA No. 1374/Bang/2018 |
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Assessment Year: |
2014-15 |
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Order pronounced by: |
ITAT Bangalore |
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In Favour of: |
Partly in favour of assessee |
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Date of order: |
16.04.2021 |
Tribunal Verdict:
In this case, the CIT (A) determined the sale consideration on the basis of Form 26AS without seeing the actual sale deed entered by the assessee with concerned parties. In our opinion, sale consideration cannot be determined only on the basis of Form 26AS. The provisions of section 2(47)(v) can be applied only if there is a written contract coupled with the transfer of possession in terms of section 53A of the Transfer of Property Act.
Section 53A of the Transfer of Property Act expressly requires that the contract must be in writing from which the terms necessary to constitute the transfer can be ascertained with reasonable certainty. Thus, section 53A does not recognize an oral contract. The writing is an essential sine qua non for the applicability of the doctrine of part-performance. The lower authorities must have considered the relevant sale deed so as to compute correct value of sale consideration. Being so, the assessment framed on the basis of Form 26AS is set aside.
For complete order click on the following link: Jaya Prakash vs. ITO - ITAT Bangalore
