TaxTMI 
TaxTMI 
2020 (12) TMI 541
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....ssee in the return of income. 2. The assessee in the present case is an individual, who filed her return of income for the year under consideration on 16.12.2016 declaring total income of Rs. 1,92,140/-. The assessee vide a Gift Deed dated 29th July, 2015 had received two plots of land in L.R. Khatian No. 72/1, situated without Mouza Kalam, J.L. No. 76 under Gram Panchayat area, Pargana-Patharghata, P.S. Matigara, Sub-Division Siliguri in the District of Darjeeling from her husband Shri Rabindra Nath Ghosh. The assessee thereafter entered into an agreement with M/s. Radiant Nirman Pvt. Limited for development of the said land on 16.09.2015. While computing the long-term capital gain arising from the said transaction, the value of land as o....
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.... of acquisition determined by him on the basis of the sale instances received from ADSR, Siliguri was confronted by the Assessing Officer to the assessee, the latter raised the following objections:- (1) Value of land has been done of same area and not particular of my land. (2) Basis of valuation of land has not been disclosed. (3) Evidences upon which has relied by ADSR for value of land has not been disclosed. (4) Facts and classification of land whether agricultural, bastu, commercial, industrial etc. under which facts the value of land has been determined by the ADSR, Siliguri was not disclosed. (5) Surrounding situation of land for value has not been revealed by the ADSR, Siliguri. (6) Width of road, demand and approximate....
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....to consideration the deemed sale value of Rs. 2,26,82,600/-) as against the long-term capital gain of Rs. 2,16,48,185/- computed by the Assessing Officer. The assessee also raised a new contention before the ld. CIT(Appeals) that the development agreement dated 16.09.2015 did not result in the transfer of her immovable property being land within the meaning of section 2(47)(v) of the Act and she, therefore, was not liable to pay any capital gain tax during the year under consideration. The submission made on behalf of the assessee on this aspect of the matter before the ld. CIT(Appeals) was as under:- "That mere possession to developer does not mean transfer u/s. 2(47)(v) of the Act as mere handing over the possession to developer does no....
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....in" based on the information/data report furnished by the ADSR, Siliguri who is the appropriate authority of the State Government for the valuation of the land. The ld. A.O. has made detailed discussion in the assessment order after having made enquiries with the appropriate authorities and determined LTCG accordingly. During appeal proceedings, the appellant has submitted deed of gift, agreement paper, valuation report of a land owned by Shri Jayasree Ghosh etc. and certain other documents also. After having gone through the submission of the appellant and the assessment order, I am of the opinion that the ld. AO has assessed long term capital gain based on the actual facts received from the appropriate authorities of the State Government.....
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....mined by the DVO". 6. We have heard the arguments of both the sides and also perused the relevant material available on record. In support of the issue raised in Ground No. 1, the ld. Counsel for the assessee has submitted that the agreement entered into by the assessee on 16.12.2015 with M/s. Radiant Nirman Private Limited for development of her land did not result in any transfer of the said immovable property within the meaning of section 2(47)(v) of the Act and the execution of the said development agreement, therefore, did not give rise to any capital gain, which was chargeable to tax in the hands of the assessee during the year under consideration. In support of this contention, he has relied on the decision of the Hon'ble Calcut....
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.... The impugned order of the ld. CIT(Appeals) is accordingly set aside and this matter is restored to the file of the Assessing Officer for deciding the same on merit in the light of the decision on Hon'ble Jurisdictional High Court in the case of Infinity Infotech Parks Limited (supra) after examining/verifying the relevant facts and evidence. The Assessing Officer is directed to give sufficient and proper opportunity of being heard to the assessee before deciding this issue. 7. As regards the other issue involved in this case as raised in Grounds No. 2 to 5 relating to the computation of long-term capital gain, it is observed that the same will become infructuous if the assessee succeeds on the issue raised in Ground No. 1, which has b....