2015 (7) TMI 1299

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....er For the Appellant : Shri Jeetendra Kumar-DR For the Respondent : Shri Nitesh Joshi & Apurva Shah ORDER Per Joginder Singh (Judicial Member) These are cross appeals by the assessee as well as by the Revenue for Assessment Year 2005-06 against the impugned order dated 29/01/2010 of the ld. First Appellate Authority, Mumbai. In the appeal of the Revenue, the ground raised pertains t....

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....espect of other plots on the said properties. On the other hand, Shri Nitesh Joshi, along with Apurva Shah defended the conclusion arrived at in the impugned order. 2.1. We have considered the rival submissions and perused the material available on record. The facts, in brief, are that the estate was the owner of the property known as Vijay Mahal located at Malad. The assessee entered into a MO....

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.... Meghraj Vaid 114 TTJ 841 (Jodh.) and National Thermal Power Corporation 229 ITR 383 and Jute Corporation of India 187 ITR 688 (SC). 2.2. If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, material available on record, assertions made by the ld. respective counsel, if kept in juxtaposition and analyzed, we find ....

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....learly mention the area and the assessee is not the owner of the TDR, thus, cannot be saddled with the value adopted by the stamp duty purposes as the assessee is only the owner of 3872 sq. mts. for which he received the consideration of Rs. 2,51,00,000/-, thus, the capital gain has to be computed on the amount which the assessee actually received, consequently, we are in agreement with the findin....