TaxTMI 
TaxTMI 
2015 (6) TMI 1061
X X X X Extracts X X X X
X X X X Extracts X X X X
....sues involved therein are identical in nature, hence the same are taken together for disposal by this common order. For the sake of convenience, the facts have been taken from ITA No.7810/M/2010 for A.Y. 2007-08. The assessee has taken the following grounds of appeal: "1.1 The Learned CIT (Appeals)-30 erred in dismissing the appeal of the appellant as not maintainable. 1.2 On merits, the learned CIT (Appeals) erred in confirming the action of A.O. in taxing Rs. 14,50,000/- as long term capital gain in the hands of the appellant. 1.3 Your appellant craves permission of the Honourable Appellate Tribunal to add to alter, to amend or to delete any ground of these appeals." 2. The brief facts of the case are that the assessee is enga....
X X X X Extracts X X X X
X X X X Extracts X X X X
....claimed that the said amount was not taxable in the hands of the assessee. The Ld. CIT(A), however, observed that the assessee himself had voluntarily offered the said amount as capital gains. The AO has not noted in the assessment order that the taxation on the said capital gains was contested by the assessee. The Ld. CIT(A) thereafter observed that the assessee, if, was of the view that he had mistakenly offered the income for taxation, the proper course for him was to make the claim by way of filing a revised return of income. He further held that the AO cannot assess the income below the returned of income. Even on merits, he held that it was an afterthought version of the assessee that the amount of Rs. 14,50,000/- was not taxable at a....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... here that from the facts it emerges out that the compensation/consideration was paid by the builder to the society and its member on transfer of TDR, as per the decree passed by the Hon'ble Bombay High Court in Civil Suit No.3414 of 2006 vide order dated 29.12.06, in terms of consent agreement between the original owner of the land, society, members of the society and the developer. Hence, the amount received by the assessee is required to be treated on the same footing as has been treated in the case of the society. Even otherwise, the entire amount has already been considered as receipt in the case of the assessee's society. Since the Hon'ble Bombay High Court has already held in the case of the society that the said receipt in lieu of t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....4. In the said case, the words of the Circular No.549, para 5.12, dt. 31st October, 1989, providing that the assessed income under section 143(3) shall not be less than the returned income was considered by the Hon'ble High Court and it was held that as per proviso to section 119 of the Act, the Board cannot issue instructions to the Income Tax Authority to make a particular assessment or to dispose of a particular case in a particular manner as well as not to interfere with the discretion of the Commissioner in exercise of his appellate functions. It was further held that the AO, while exercising his quasi judicial powers, was not bound by the said circular and should have exercised his powers independently. The Hon'ble High Court, therefo....