2021 (3) TMI 847

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....treating the said transaction as business income insofar as the appellant is concerned?" Learned counsel Shri Anand Parchure waives notice for the respondent. 2. In this appeal filed under Section 260A of the Income Tax, 1961 (for short, 'the said Act'), the order dated 23.11.2017 passed by the Income Tax Appellate Tribunal is under challenge. The facts relevant for adjudication of the present appeal are that for the assessment year 2010- 11 the appellant-assessee filed his return and declared a total income of Rs. 27,43,007/-. In the revised return of income, the assessee claimed deduction of Rs. 80,000/- under Section 54F of the said Act on long term capital gain. The assessment was completed under Section 143(3) of the said Act on ....

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.... of sale of the land. The Deputy Commissioner of Income Tax was pleased to grant such benefit under Section 50C of the said Act and capital gain was calculated accordingly. This order passed by the Deputy Commissioner of Income Tax was accepted by the Revenue and it is thus submitted that since in the case of the co-owner of the same land income from the same transaction that was jointly entered into was considered as capital gain, the Revenue was not justified in treating the sale transaction in a different manner insofar as the assessee was concerned. The income of the assessee from the same transaction could not be treated as business income and the benefit of capital gains ought to have been granted to the assessee. C.A.T. No.9/20....

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.... had sold four plots to different parties in the said assessment year, it concluded that in the light of the nature of business of the assessee and development activity carried on it was clear that the assessee intended to exploit the commercial potential of the land. It is undisputed that the assessment order dated 30.03.2013 in the case of Shri Narendra Kanhaiyalal Parikh, co-owner of the said lands along with the assessee permitted the said co-owner to take into account full value of the sale consideration for the purposes of Section 50C of the said Act for computing capital gains. This assessment order however was not placed before the Income Tax Appellate Tribunal by the assessee. According to the assessee, he was not aware of the pass....