2014 (1) TMI 1364

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.... of Department. 2. In the assessee's appeal, assessee has raised eight grounds. 3. It was the submission of Ld. AR of the assessee that issue in the appeal was against the action of the Assessing Officer in treating the compensation received by the assessee and offered by the EUR, as capital gains as, "income from undisclosed source" and consequential denial of deduction u/s 54F of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). It was the submission of Ld. AR that assessee had booked 1,000 sq.ft. space at Siddha Garden, 3B Ram Mohan Mullick Garden Lane, Kolkata - 700 010 with M/s. Siddha Griha Nirman Pvt. Ltd., (MSGNPL in short) on 25-03-1998 by paying an amount of Rs.1 lakh. He drew our attention to page-26 of the p....

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....ion by Ld. AR that the surrender of any right was treated as transfer in Section-2(47)(ii) of the Act. It was the submission that assessee having transferred his right to purchase 1,000 sq.ft flat, the gains that arose to the assessee had been rightly offered under the head LTCG. It was the submission that consequent to the AO's action in not treating the receipt from MSGNPL as LTCG, the AO had denied the assessee's benefit of deduction u/s.54F of the Act for this amount. It was further submission that on appeal, the Ld. CIT(A) without appreciating the contentions of the assessee dismissed the appeal of assessee by holding that alternatively the income being the amount of Rs.13.25 lakh was liable to be treated as income under the provisions....