2017 (5) TMI 1161

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.... Roopali Gupta, Advocates. O R D E R 1. This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 against the impugned order dated 31st October, 2014 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 5102/Del/2011 for the Assessment Year ('AY') 2008-09. 2. By an order dated 22nd December 2015, the Court confined the notice issued in this appeal to Question B which ....

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....to the DDA for conversion of leasehold land into freehold land. On 25th January, 2007, the DDA executed a conveyance deed in favour of the Assessee. The Assessee paid Rs. 3,89,89,196 to the DDA towards conversion charges, other dues, unearned increase charges and stamp duty. 5. On 7th April 2007, the Assessee sold the entire land along with superstructure for a consideration of Rs. 30 crores and ....

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.... transferred is A + B + C + D = 21,01 ,56,417. Therefore, Long term capital gain accruing to Assessee is Rs. 26,10,10,804- Rs. 21,01,56,417 = Rs. 5,08,54,387/-" 7. Accordingly, a sum of Rs. 1,01,19,377 was added to the total income of the Assessee. 8. Aggrieved by the above order, the Assessee filed an appeal before the Commissioner of Income Tax (Appeals) ('CIT (A)') who, by an order dated 19th....

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....cancelled and restored and therefore, the interest cost for the said period could not be allowed to be indexed. 10. The ITAT has noted that there was termination of lease hold rights on 29th March, 1998 and these were restored only on 6th August, 2004. The borrowing costs were recorded in the books of accounts year after year. The interest cost on a year-to-year basis was capitalized under the he....