TaxTMI 
TaxTMI 
2011 (6) TMI 891
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....nt : Shri V. Srinivasan, C.A. ORDER Per A. Mohan Alankamony, Accountant Member These are two appeals, ITA No.953/B/10 is filed by the Revenue for the A.Y. 2006-07 against the order of the CIT(Appeals)-II, Bangalore u/s. 143(3) dated 24.7.2009 and ITA No.1063/B/10 is filed by the assessee for the A.Y. 2005-06 against the order of the CIT(A)-II, Bangalore u/s. 144 dated 15.3.2010. 2. In the a....
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....gs noticed that on the basis of the aforesaid joint development agreement with the Developer on 27.9.2004, the assessee was entitled to certain built area in the form of residential apartments after development and called upon the assessee as to why capital gains was not offered. The assessee contended that the entire capital gains was exempt under the provisions of section 54F of the Act and was ....
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....it to be liable for capital gains. The ld. CIT(A) held that the profit from sale of land is to be treated as long term capital gains and the profit on sale of built up area to be treated as short term capital gains. The claim of exemption u/s. 54F was denied as there was no capital gains on development being assessed for A.Y. 2005-07. However, the addition of ₹ 24,13,000 as unexplained cash ....
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....der of the AO, except on the quantum of long term capital gains. Against this order of the CIT(A), the assessee is in appeal before us for the A.Y. 2005- 06. 7. We have heard the rival submissions and perused the material on record. During the course of hearing before us, the ld. AR submitted that the main plank of the Revenue's appeal for A.Y. 2006-07 is that as far as the sale of flats is conce....