2011 (4) TMI 100

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....ng that the assessee was not holding any capital asset, ignoring the f act that the share of the assessee in the total FSI available to the CHS is the capital asset held by the assessee.   3. The ld. CIT(A) erred in holding that the capital asset has not been sold exchanged or relinquished, ignoring the f act the assessee's share in the total FSI avail able to the CHS has been sold to the developer i.e. New India Construction Co. and the Hemandas J. Pariyani consideration of Rs. 5,87,565/- is towards the sale of this capital asset.   4. For these and other reasons that may be urged at the time of hearing, it is requested that the order of the CIT( A) be quashed and that the AO restored."   2. Briefly the facts of the....

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....e assessee filed written submission and the contents of which had been extracted by the CIT(A) in his order at page 2. After considering the submissions of the assessee, the CIT(A) directed the AO not to charge capital gains tax on the compensation Hemandas J. Pariyani received by the assessee even on protective basis by holding as under:-   "On caref ully considering the f acts of the case as well as going through the orders of Hon'ble ITAT particularly in the case of Deepak S. Shah Vs. ITO, Ward 20(2) which is f ound to be a latest decision dated 16/06/2008, wherein on the identical set of f acts and circumstances and af ter thoroughly examining the issue and conditions laid down as per section 45 of the IT Act as well as the def ....