2025 (11) TMI 1823

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....ent : Shri B.P Srivastava, Sr. DR ORDER PER DR. B.R.R. KUMAR, VICE-PRESIDENT:- The captioned appeal has been filed by the assessee against the order dated 13.02.2025 passed by the Ld. ADDL/JCIT(A), Panchkula (hereinafter referred to as "CIT(A)" for short), passed u/s 250 of the Income-tax Act, 1961, (hereinafter referred to as "the Act" for short) for the Assessment Year (AY) 2013-14. ....

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.... the Act, making Rs. 17,92,747/- towards long-term capital gains by adopting a higher sale consideration based on a 30% share in land. 3.1 The brief facts relating to this issue are that the assessee, a co-owner of agricultural land, entered into a Development Agreement with M/s. Sahjanand Land Corporation for a total consideration of Rs. 3,25,00,000/-, with his 30% share being Rs. 97,50,000/-,....

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....l receipt basis, duly supported by ledger copies and builder confirmations. The Ld. AR submitted that although the Development Agreement was entered in FY 2012-13, the full consideration was not received in that year. The consideration of Rs. 28,00,000/- was received and offered to tax in AY 2014-15, and exemption under Section 54EC was also claimed for investment made on 13.10.2013, within the pe....