2014 (6) TMI 564

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....79,59,000/- as advance against sale of agricultural land measuring 02 Bighas 7 Biswas out of Khasra No. 27/13/2 (2-07) and 12 Biswas out of Khasra No. 27/13/14 min (0-12) situated in the Revenue Estate of Village Khampur, (Alipur Block, District: North-West Delhi), Delhi from M/s Dreamplaces Constructions Pvt. Ltd., Jaipur. The details of the advance received by the assessee in this regard were as under: i. Rs. 15,00,000/- received through pay order on 12.04.2006 ii. Rs. 8,25,000/- received through pay order on 12.04.2006 iii. Rs. 56,34,000/- received through pay order on 19.09.2006 3. The assessee filed copy of agreement executed on 19/11/2007 between the assessee and buyer M/s Dreamplaces Construction in support of the claim of receip....

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....ly was made. He, therefore, computed the long term capital gain as under: Sale consideration Rs. 79,59,000/- Less: Indexed cost of acquisition {Cost of acquisition on 23.01.1998: Rs. 86,400/- Cost of Inflation Index in FY 1997-98 331 Cost of Inflation Index in FY 2006-07 519 Indexed Cost = 86400X519/331 = Rs. 1,35,473/} Rs. 1,35,473/- Long Term Capital Gain Rs. 78,23,527/- 4. Ld. CIT(A) allowed the assessee's appeal, inter-alia, observing in para 3.4.6 as under: 3.4.6 "On a careful consideration of the facts emerging from a perusal of the relevant material in the form of court orders, it becomes clear that the impugned land remained vested in Gram Sabha for the entire period from 29/03/2005 to 25/08/2007 and, therefore, the appellan....

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....s refunded back to the buyer M/s Pearls Dreamplaces Constructions Ltd. and filed copy of their confirmation as well as copy of bank account of the assessee showing details of money refunded. In view of the above facts the transaction of sale did not materialize and there is no question of any capital gain arising out of this transaction." 6. Ld. DR also filed before us a copy of letter from ITO, Ward 34(2), New Delhi dated 23/04/2014 which is reproduced hereunder: Office of the Income Tax Officer Ward 34(2), Vikas Bhawan, New Delhi. Tele 23379665 Date: 23.4.2014 The Commissioner of Income Tax, Delhi-XII, New Delhi. (THROUGH PROPER CHANNEL) Sir, Sub : ITA No. 651/Del/2012 in the case of Sh. Barumal Goyal A.Y. 2007-08 - line of arg....