- (1.) This income-tax appeal is directed against judgment dt. 25th April, 2003 of Income-tax Appellate Tribunal, Jaipur Bench, Jaipur (for short, 'the Tribunal') (reported as Naveen Grah Nirman Sahakari Samiti v. Competent Authority,2005 92 TTJ 119.). Appellant M/s Naveen Grah Nirman Sahakari Samiti, Jodhpur (for short 'the Assessee') filed an appeal under Section 269F of the Income-tax Act, 1961 (for short, 'the Act of 1961') against the order dt. 16th Oct., 2002 passed by the Competent Authority-cum-Addl. CIT (Acquisition) Range-I, Jaipur (for short, 'the Competent Authority'). The Tribunal by aforesaid judgment dismissed the appeal filed by the Assessee under Section 269G(1) of the Act of 1961. In the appeal, the Assessee challenged the order of the acquisition of land situated at Jodhpur measuring 1,81,818 sq. yds. passed by the Competent Authority under Section 269F(6) of the Act of 1961.
(2.) Facts giving rise to this appeal are that erstwhile ruler of Jodhpur State Shri Gaj Singh sold certain lands to M/s Jodhan Real Estate Development Company (P) Ltd. Out of said land, a piece of land measuring 1,81,818 sq. yds. was then sold to M/s Jai Marwar Company (P) Ltd., Jodhpur @ Rs. 5.28 per sq. yd. on 5th Nov., 1971. This company was assessed to income-tax for asst. yr. 1985-86 in respect of transfer of said land. The AO enhanced the sale consideration to Rs. 25,45,452 as against the declared sale consideration of Rs. 24,45,452, thus the increase was to the tune of Rs. 1,00,000 only. The Tribunal by its order dt. 8th Nov., 2002 disallowed the said sale consideration as capital gain in the asst. yr. 1985-86 on the ground that since sale deed was executed on 1st Feb., 1982, capital gain can be assessed only in the asst. yr. 1981-82 (sic-1982-83) and not in 1985-86.
(3.) The Appellant is co-operative society registered under Rajasthan Cooperative Societies Act, 1965. It is claimed that one Shri Naveen Rai Dangi of Jaipur was authorized by M/s Jai Marwar Company (P) Ltd., Jodhpur, to sell the said land. The agreement to sell was executed on 2nd Oct., 1974 for sale of said land by M/s Jai Marwar Co. (P) Ltd. to Appellant. According to the agreement, land was agreed to be sold @ Rs. 8 per sq. yd. A sum of Rs. 10,101 was paid in advance towards sale consideration. Balance sale consideration was agreed to be paid within 120 days. A stipulation however was made in the agreement to sell that in case of non-payment of rest amount within 120 days, the rate of the land would be increased by Re. 1 per sq. yd. per year. However, on 18th Aug., 1980 a substituted agreement was executed revising the amount. Eventually the sale deed was executed and presented for registration on 1st Feb., 1982 bur it could be registered only on 27th July, 1984. Delay in execution of sale deed is attributed to restrictions placed by Rajasthan Urban Property (Restriction of Transfer) Act, 1973. The agreement to sell was approved by Urban Ceiling Authority vide order dt. 7th July, 1981. The Addl. Collector (Stamps and Registration), Jodhpur, however, did not approve the claim of reduction of Rs. 1,00,000 claimed by Appellant-Assessee on account of levelling and other expenses and registered the sale deed at valuation of Rs. 25,42,454.;