TaxTMI 
TaxTMI 
2018 (12) TMI 750
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.... short 'DCIT/ AO') for the A.Y. 2009-10 vide dated 21.01.2013 under section 143(3) read with section 264 of the Income Tax Act, 1961 (hereinafter 'the Act'). 2. The only issue in this appeal of Revenue is against the order of CIT(A) deleting the addition made by AO of capital gains. For this Revenue has raised the following two grounds: - "1. On the facts and in the circumstances of the case and in law, the Id. CIT (A) erred in holding that execution of the conveyance of the land is not a transfer within the meaning of section 50C, wherein, all rights title & interest including any future rights arising out of the said land stood transferred. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT (....
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....2(1) of the Act and its annexure, the assessee, Shri Amarlal P. Thakur attended on 17.01.2013. During the course of hearing, vide order sheet noting dated 07.01.2013, he stated that the LTCQ have to be computed on the basis of the Valuation Report received from the Valuation Office. He further stated that he has received the Valuation Report and that he has no objection to the adoption of the Valuation Report for the purposes of Calculation of LTCG. 6.1. Accordingly, after duly considering the above referred Valuation Report and after according the assessee due and adequate opportunity to represent his case and make further submission, if any, the Long Term Capital Gains on the sale of above plot of land are computed as under: - ....
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....In the instant case the appellant had purchased right title and interest in the aforesaid land by entering into an agreement dated 301h day of March 1981 where the assessee had interalia purchased right title and interest in the aforesaid land. The assessee had constructed 12 galas on the aforesaid land and during 1986-1987 he had sold those galas to various parties as per various agreements entered into by him. I have perused the COPY of the sale agreement and find that as per the terms of the agreement for the sake of brevity considered from the agreement entered dt.1 1.10.1986 between the assessee and one Mrs. Neela Prabhakar Pusalkar clause 17 of the same reads as under. -The vendor desires that if any additional FSI is allowed....
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....The purpose of this society is primarily to constitute an organization of persons who have taken units in the blocks or buildings of flats known as Amar Commercial Complex Go-operative Society limited constructed on land bearing Plot/s. No. CTS No. 255 & 256 (Part) A admeasuring 4565.8 Sq. yards/ meters, located at Babu Sethwadi Deonar, Govandi. Bombay- 400 088 (referred to in the application for registration) as required by Sec. 10 of the Maharashtra Ownership Flats Act, 1963 (regulation of the promotion of construction, sale, management and transfer) and in pursuance of which its object shall be: (a) to obtain an assignment of title in the land and building referred to above from its promoter Shri Amarlal Passumnal Thakur and to ....
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....title and interest stood vested with the gala owners. Hence, when the assessee had already transferred the said land as per the law, there cannot be further transfer by him of the same land in favour of the developer. In the event, the appellant cannot be subjected to capital gains twice on the same land and that the additional amount received during the year can at best be called additional amount received on the same land. Nevertheless, it cannot be construed to be fresh agreement and, therefore, I am in agreement with the assessee that this amount is received as facilitation of the transfer of land in favour of the developer and not the transfer by him as envisaged and, therefore, under the circumstances the assessee is liable to pay tax....