2022 (5) TMI 1336

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....d under section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 2. Facts as extracted from the orders of the lower authorities are that the land of aforesaid individual assessees were acquired by Special Land Acquisition Officer, Surat for M/s. Essar Steel Ltd. The Revenue/Assessing Officer made re-opening in all cases under section 147 of the Act. Assessment was completed under section 143(3) r.w.s. 147 of the Act in cases of all different assessees. The Assessing Officer while passing the separate assessment orders made addition on account of Long Term Capital Gains (LTCG) on transfer of land, capital gain on the certain amount received for permanent (pacca) structure was treated as income from oth....

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....ned DR for the revenue supported the order of assessing officer and Ld. CIT(A). 6. We have considered the rival submissions of the parties and have gone through the orders of the lower authorities carefully in quantum assessment as well as in penalty matters. We find that against various additions made in the assessment, the assessee(s) filed appeal before Ld. CIT(A). The Ld. CIT(A) in quantum assessment, upheld the addition of capital gain on transfer of land. However, the income added under the head "income from other sources" against the pucca structure was changed to as "income from capital gains". As the assessees were not allowed the cost of acquisition and improvement on permanent structure, they were allowed 50% as cost of constr....