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2018 (7) TMI 1547 - ITAT BANGALORECapital gain computation - Held that:- Oikos Apartments Pvt. Limited (OAPL) is the absolute owner of lands bearing S.No.68/2A,71/1 and 70/1 totally measuring 5 acres and 24 guntas located at Allalasandra village, Yelahanka, (the aforesaid land was originally granted to the father of one Krupa Shankar, who on becoming the owner of the lands on the death of his father, became partner in the firm and brought the land into the hotch pot of the partner firm) having acquired it on dissolution of a partnership in which the OAPL was a partner. OAPL was incorporated on 10.03.1995. The land is recorded in the books of account at ₹ 39,31,635/-. Capital gains therefore, has been computed based on the above cost and also the year of purchase as claimed by the appellant. The working of the capital gain is an under - The cost of acquisition to be taken for 30 feet width and 66 feet length proportionately and after allowing indexed cost on such piece of land and taking the entire amount received of ₹ 3.5 crores as consideration and compute the LTCGs in the A.Y 2012-13. AO is directed to consider the above amount and collect the taxes on the same. In view of the above, the appellant’s appeal is dismissed. As the entire consideration received has been brought to tax in the A.Y 2012-13 under the head LTCGs, the appeal filed for A.Y. 2014-15 is treated as allowed in respect of the grounds raised on the taxation of the balance consideration received in lieu of granting of perpetual easementary right of way and license to ingress and egress land measuring 30 feet wide for reaching the licensee landlocked property by entering into an agreement with M/s. Skyline Construction & Housing Pvt. Ltd.
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