2023 (4) TMI 732

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....u Biswas, Addl. CIT-DR ORDER PER SANJAY GARG, JUDICIAL MEMBER: The present appeal has been preferred by the Revenue against the order dated 03.09.2020 of the Commissioner of Income Tax(Appeals)-15, Kolkata [hereinafter referred to as the 'CIT(A)'] passed u/s 250 of the Income Tax Act (hereinafter referred to as the 'Act'). 2. The Revenue in this appeal has taken the following grounds o....

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....o and kept it as investment and also incurred expenditure on its improvement. Thereafter, the assessee entered into a joint development agreement (JDA) with some developer and agreed for the sale consideration as percentage on the actual sale of flats developed and sold by the developer. The Assessing Officer held that since the sale consideration was, in the shape of percentage of sale considerat....

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....ss income of the assessee. It was submitted that the sale proceeds received from the prospective buyers by the developer may be business receipts of the developer, however, so far as the assessee was concerned, the assessee had transferred the land which was purchased by the assessee about 10-12 years ago and that merely because the assessee had entered into a JDA, that does not mean that the inco....

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.... to be treated as long-term capital gains and further allowed the cost of improvement, indexation and also allowed the deduction u/s 54B of the Act. 7. The ld. counsel for the assessee has invited our attention to the copy of the notice issued on 14.08.2018 u/s 143(2) of the Act to submit that the case of the assessee was selected for limited scrutiny on the following ground: i. Deduct....