TaxTMI 
TaxTMI 
2011 (7) TMI 958
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.... Judicial Member - This appeal by the Revenue is directed against the order of the CIT(A)-Aurangabad, dt. 10th Sept., 2009 for asst. yr. 2005-06 on the following grounds : "1. On the facts and in the circumstances of the case the learned CIT(A) while allowing the appeal erred in his decision by considering sale of Dargah land was outside the purview of capital gain. It is contended by ....
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....land. In view of this, it is not proper to assess the deposits in the saving bank account as the income of the assessee. However, as per the register deed the government value of the land is Rs. 53 lakhs and the assessee has received Rs. 15,41,550 towards the sale proceeds. Therefore, as per s. 50C of the Act, the assessee is liable to pay capital gain tax after getting indexation benefit on Rs. 5....
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.... Revenue. 3. We nave heard both the parties and perused the material on record. The stand of the assessee was that the deposits were made out of sale proceeds of Dargah land. It was further explained that the assessee sold the said land in the representative capacity of Dargah Peer Bahuddin Bhandari Shah and the amount deposited in the bank belonged to the Dargah. It was further explained that ....
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.... under consideration. The AO has not brought anything on record to show that the assessee had incurred any cost for acquisition of the land in question. The Hon'ble Supreme Court in the case of CIT v. B.C. Srinivasa Setty [1981] b128 ITR 294 that the liability to tax on capital gain would arise in respect of only those capital assets in the acquisition of which, an element of cost is either actual....