2015 (1) TMI 312

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....JAYARAGHAVAN, J.M.: This appeal by the assessee is directed against the order of CIT(A)-VI, Hyderabad dated 23.01.2014. 2. The assessee is an individual and filed return of income for A.Y. 2003-04 on 24.11.2003 admitting a total income of Rs. 1,06,500. Notice u/s. 148 of Income-tax Act, 1961 was served on the assessee on 31.3.2007. As there was no compliance to the notice issued u/s. 148 of ....

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.... the case of Raghuram Reddy vs. ITO in ITA No. 296/Hyd/2003, the AO has computed the long term capital gains at Rs. 12,92,607 and the share of the assessee was determined at Rs. 7,67,057 and short term capital gains computed at Rs. 6,69,708 and share of the assessee was determined at Rs. 1,67,377 which was added back to the taxable income of the assessee. 4. Before the CIT(A), the AR submitted ....

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.... handed over and, therefore, the AO erred in assessing the capital gains for the A.Y. 2003-04. ii) Without prejudice to any of the grounds raised originally and the aforesaid additional ground the AO while assessing the capital gains erred in adopting/not considering the following: a) In adopting the value of parking area of 1085 sft @ Rs. 360 per sft at Rs. 3,86,800. b) Not considering t....

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....ment of the Hon'ble jurisdictional High Court in the case of Potla Nageswara Rao vs. DCIT, in ITTA No. 245 of 2014 dated 9.4.2014 wherein the Hon'ble High Court held that capital gain arises in the year in which development agreement was entered. Further he pointed out that the learned CIT(A) did not adjudicate the additional grounds and the finding that the claim u/s. 54F was allowed by ITAT was ....