2017 (7) TMI 1266

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....xemption under section 54 of the Act. 2. Brief facts of the case are that the assessee is an individual and deriving its income from Business, Other Sources and Capital Gain, filed his return of income for relevant AY on 20.07.2011. The assessment was completed on 25.11.2013 under section 143(3) of the Act. The assessing officer while framing the assessment order denied the benefit of LTCG claimed. The assessing officer treated the LTCG as STCG. After deducting the cost of acquisition, the STCG of Rs. 77,66,743/- was calculated and was brought to tax. On appeal before the ld. CIT(A), the action of AO was confirmed. Thus, further aggrieved by the order of ld. CIT(A), the assessee has filed the present appeal before us. 3. We have heard the....

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...., Bandra. The assessing officer assessee was asked to substantiate the claim of LTCG. The assessee furnished the detailed, wherein the assessee contended that he was tenant in the said Shop vide agreement dated 16.01.1998 under Mr. Maneck Gidwani. The assessee purchased the said Shop vide Agreement dated 06.05.2010 form the owner for a consideration of Rs. 9,11,000/- by registered Agreement. Thus, the assessee's tenancy right acquired on 16.01.1998 was converted into Ownership Right of a lump sum consideration of Rs. 9,11,000/-. The assessee sold the said Shop on 12.10.2010 for a consideration of Rs. 88,00,000/-. The contention of assessee was not accepted by AO holding that the assessee acquired the Shop vide Agreement dated 06.05.2010 and....

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.... converted in to freehold in March 2004, under the Rule by Collector and thus was qualified for LTCG. In Mrs Tauqueer Fatema Rizvi Vs ITO (supra) the property/ flat was allotted in lieu of surrender of tenancy in 1982 and was sold in October 2004. In Late Mulya B Dass Vs ITO (supra) the assest was acquired on surrender of tenancy in the year 2005 and sold within 36 months of taking possession of the property, the AO treated the same as STCG, the AO treated the cost of acquisition of the property as nil. The coordinate bench of the Tribunal remanded the matter to the file of AO with the direction to consider the cost of acquisition as per market value; however no finding was given by Tribunal with regard to claim of Long Term or short Term. ....