TaxTMI 
TaxTMI 
2023 (6) TMI 127
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....s Cost of Acquisition in the computation of capital gain on transfer of Plot Nos.20 & 20A, Sector-22, at Ulwe, Tal. Panvel, Dist. Raigad. 3. Succinctly, the facts of the case are that the assessee along with certain other persons entered into an agreement with M/s. Shriram Builders & Developers for transfer of their rights in respect of Plot Nos.20 & 20A, Sector-22, at Ulwe, Tal. Panvel, Dist. Raigad vide Tripartite Agreement dated 12-09-2011. Plot Nos.20 & 20A were allotted to the assessee on 26.8.2011 in lieu of compulsory acquisition of land, whose possession was taken over by the Government in the year 1986. Initially, some compensation was awarded to the assessee. Later on, the said plots were allotted under 12.5% scheme of the Mahara....
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....sum, whose exact figure was not known to the ld. AR nor has been referred to in the orders of the authorities below, admitted to be less than Rs.2.00 lakh (say, Rs. X) was awarded as compensation. In 1990, the Government of Maharashtra came out with 12.5% scheme covering even the transactions of compulsory acquisition taking place prior to that date. Under this scheme, urban land equal to 12.5% of the area compulsorily acquired was to be allotted. Simultaneously, the amount originally paid as compensation was to be refunded with certain addition. In the present case, such 12.5% of the assessee's land with other co-owners is equivalent to Plot Nos.20 & 20A as referred to herein above. These plots were allotted to the assessee on 26- 08-2011 ....
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....e of consideration. 5. Now we turn to the second transaction of the transfer of Plot Nos.20 & 20A taking place during the year, which happened on 12-09-2011, namely, around 15 days from the date of allotment of plots. As the same plots which were allotted to the assessee as a consideration against the acquisition of his agricultural land in the first transfer transaction became subject matter of transfer in the second transaction, their fair market value on the date of allotment, namely, 26-08-2011 will naturally constitute their cost of acquisition in the second transaction of their sale to M/s. Shriram Builders & Developers. The AO adopted a sum of Rs.8,58,250/- paid by the assessee to CIDCO as cost of acquisition of the two plots in the....