TaxTMI 
TaxTMI 
2021 (7) TMI 937
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....vanya & Smt. A. Girija. 2. The Revenue's twin appeals ITA Nos. 1614/Hyd/2016 and 1616/Hyd/2016 in respect of Sri A. Vinod and Sri A. Srinivas Goud and latter taxpayer's cross-appeals ITA No. 205/Hyd/2017 alongwith remaining assessees' appeals ITA Nos. 98 to 102/Hyd/2017 arise against the CIT(A)-1, Hyderabad's separate orders; all dated 17-08-2016 passed in case Nos. 0644, 0641, 0640, 0643, 0645 & 0642/CIT(A)-1/Hyd/2014-15/2016-17; involving proceedings u/s. 143(3) r.w.s. 147 of the Income Tax Act, 1961 [in short, 'the Act']; respectively. Heard both the parties. Case files perused. 3. It transpires at the outset that these assessees' instant appeals suffer from 60 days identical delay except in case of Sri A. ....
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....ing. (v) For these and other grounds that may be canvassed at the time of hearing of the appeal, it is beseeched that addition made by the assessing officer on account of long term capital gains from transfer of property be restored". 5. Both the learned representatives next take us to the CIT(A)'s detailed discussion deleting the impugned addition as under: "5. Ground-I: Addition u/s. 50C: During the survey conducted on 14-03-2013 in the premises of M/s. Western Constructions a partnership firm, it was noticed that the land admeasuring an extent of Acres 06.02 Guntas situated at Darga Hussain Shahwali Village, Serilingampally Mandal, Ranga Reddy District, was given for development on 03-05-2007. The Development Agreement recogni....
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....transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed [or assessable] by any authority of a State Government (hereafter in this section referred to as the "stamp valuation authority") for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed [or assessable] shall, for the purposes of section 48, be deemed to be the full value consideration received or accruing as a result of such transfer." b) The Applicant has offered sale value as per registrar value on the day of Registration. This value is more accurate than later called on, value by the Assessing Officer. c) The land sold is not plotted residential site. In fact a long stre....
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....his registered development agreement stated the land in issue to be 6 acres 2 guntas. There is further no issue that the assessees had very well declared their respective capital gains, share-wise; respectively. 7. Learned departmental representative invited our attention to the Assessing Officer's assessment order(s) dt. 28-05-2014 inter alia stating that he had proceeded to make the impugned addition(s) after getting the stamp value from the SRO's office qua the land in question in square yards; residential and commercial, as the case may be; than having accepted the assessee's computation declaring the same at Rs. 75,00,000/- per acre only. It was the said SRO's report which led to the impugned addition(s) being made in ....
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....f acquisition claim to the tune of Rs. 3 crores paid to Shri A. Sahdeva and Shri A. Krishna to the tune of Rs. 1.5 crores each. The Assessing Officer's assessment order(s) held in identical terms that these assessees had failed to prove the purpose of the impugned payment(s) over and above the compromise terms which allowed only Rs. 8 crores out of that claimed to the tune of Rs. 11 crores. 10. The CIT(A) has restored the instant issue back to Assessing Officer as under: "6. Ground-2: Disallowance of Rs. 3,00,00,000/- claimed by the appellant towards cost of acquisition: The Applicant submitted that they have made payment of Rs. 1.5 crore to Sri A. Sahadeva and Sri A. Krishna each. This payment of sri A. Sahadeva was received by hi....