TMI Blog2014 (1) TMI 1364X X X X Extracts X X X X X X X X Extracts X X X X ..... ipt under the purview of the head "income from other sources", especially when the said receipt falls under the specific head "being income from capital gains" - "Income from other sources" is a residuary head - gains derived by the assessee on the transfer of the right to purchase the flat being liable to tax under the capital gains, the assessee would be entitled to benefit of deduction u/s 54F of the Act –the order of the CIT(A) set aside and the AO is directed to treat the "receipt" on the transfer of the right to purchase the flat as LTCG and grant the assessee's benefit of deduction u/s. 54F of the Act – Decided in favour of Assessee. - ITA No.1614/Kol/2010 - - - Dated:- 16-1-2014 - Shri P. K. Bansal And Shri George Mathan,JJ. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... He drew our attention to page- 25 of the paper book, which was the agreement with MSGNPL. It was the submission that the assessee had offered the differential of Rs.12.25 lakh as the Long Term Capital Gains (LTCG) and had claimed deduction u/s 54F of the Act in respect of another residential property which had been acquired by the assessee. It was the submission that in the course of assessment, the AO had held that the amount of Rs.12.25lakh received by the assessee was not liable to be treated as LTCG in so far as the alleged flat booking was never converted into ownership of the flat. It was the submission by the Ld. AR that the fact that assessee had the right to acquire a 1,000 sq. ft flat in the building being constructed by MSGNPL a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act available to the assessee. 4. In reply, Ld. SR-DR vehemently supported the orders of AO and Ld. CIT(A). Ld. SR-DR relied upon the order of Ld. CIT(A) in para-3.8 to submit that the amount received by the assessee was liable to be assessed under the head "income from other sources", as the assessee did not have any tangible asset which he had transferred. 5. We have considered the rival submission. A perusal of the assessment order as also the order of Ld. CIT(A) clearly show that the receipt issued by the MSGNPL for the amount of Rs.1 lakh for booking a 1,000 sq.ft. space at Siddha Garden, 3B Ram Mohan Mullick Garden Lane, Kolkata or the agreement for cancellation of the said purchase agreement are not disbelieved nor is the Reve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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