2017 (6) TMI 338

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....er B.R. Baskaran (AM) :- The appeal filed by the assessee is directed against the order dated 21.12.2012 passed by the learned CIT(A)-18, Mumbai and it relates to A.Y. 2004-05. The assessee is aggrieved by the decision of the learned CIT(A) in rejecting the claim that consideration received by him on transfer of development right is not assessable to capital gain. 2. We have heard the partie....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... not acquired but self generated. The learned CIT(A), however, did agree with the said contention of the assessee since the addition was made by the Assessing Officer on agreed basis. Accordingly, the learned CIT(A) dismissed the appeal before us. 4. Learned counsel appearing for the assessee submitted that the assessee had acquired development rights due to provisions of Development Control Re....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ital gain before the Assessing Officer will not bound the assessee. In this regard learned AR placed reliance on the decision rendered by Hon'ble Supreme Court in the case of V. Mr. P. Firm, Muar (1965) 56 ITR 67. 6. On the contrary, learned Departmental Representative placed heavy reliance on the order passed by the learned CIT(A) and further submitted that the assessee has agreed for the ....