2013 (3) TMI 492

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....ng grounds: - "1. The Ld. CIT (A) erred in law and on facts in deleting the addition of Rs. 1,07,25,000/- made by the Assessing Officer on account of short term capital gains. 2. The Ld. CIT (A) erred in law and on facts in deleting the addition of Rs. 6,72,910/- made by the Assessing Officer on account of Income from House Property." Additional grounds had also been taken, which were in any event related to ground No.1. The additional grounds were as under: - "(i) The CIT(A) has erred in law and on the facts of the case in holding that the sale of the property relates back to date on which the assessee's father, Sh. A.P.Bajaj was alive and that consequently the will executed by the said Sh.A.P.Bajaj is of no consequence, when a....

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....l it was stated that in case the agricultural land at village Badshahpur, Distt. Gurgaon, Haryana is sold under any circumstance by said Pramod Kumar Bajaj, 30% of the sale consideration would be given to the assessee (Smt. Neera Bhandari). It is in these circumstances that the assessee received the above sums of money from her brother which was equal to 30% of the sale proceeds of the land. The said sum was received in its entirety after the demise of the father (late Sh. A P Bajaj). The assessing officer treated the sale consideration as short term capital gains and added it to the total income of the assessee. The ITA 162/2013 Page 3 of 6 assessing officer also denied the claim of exemption under Section 54EC to the extent of Rs. 35,25,0....