2018 (3) TMI 1897

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.... by : Shri D. Anand, Advocate ORDER A. Mohan Alankamony, The appeal by the Revenue is directed against the order passed by the learned Commissioner of Income Tax (Appeals)16, Chennai dated 15.05.2017 in ITA No.109/CIT(A)-16/2010-11 for the assessment year 2014-15 passed U/s.250(6) r.w.s. 143(3) of the Act. 2. The Revenue has raised several grounds in its appeal however the Ld.AR submit....

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....xable income of Rs. 1,17,16,770/- and subsequently the assessee has also filed revised return of income admitting taxable income of Rs. 2,69,68,400/-. The case was selected for scrutiny and notice U/s.143(2) of the Act was issued on 22.09.2015 and finally assessment was completed on 30.12.2016 wherein the Ld.AO made additions with respect to Long Term and Short Term Capital Gain based on the Joint....

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....merit in the submission of the Ld.AR. The issue regarding the year of taxability of long term capital gain, the Tribunal in its order cited supra in page No.37 para No.10 had held that the taxability of long term/short term capital gains arises only in the financial year 2006-07 relevant to the assessment year 2007-08. Since the facts of the case cited by the Ld.AR and the case of the assessee are....

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....37 sq.ft. of residential area and 4284 commercial area called as Food street during the financial year relevant to the A.Y 2011-12 and the findings of the CIT(Appeals) in para -14 of his order is irrelevant and bad in law. In our considered opinion, the gain on the transfer of the assessee's share in constructed area is to be brought in tax as short term capital gains after giving due deduction as....