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2016 (8) TMI 1225 - AT - Income TaxCapital gain - transfer - selection of assessment year - Held that:- As relying on Shri Rajiv Kumar, Shri Banarsi Lal, Shri Tejinder Kumar Versus The ITO, Jagadhri [2016 (7) TMI 184 - ITAT CHANDIGARH] there is no transfer of capital asset in assessment year 2007-08. There is no accrual or receipt of any income in favour of the assessee on account of capital gains in assessment year 2007-08, therefore, whole of the addition in assessment year under appeal i.e. 2007 08 is unjustified. We, accordingly, set aside the orders of authorities below and delete the entire addition on account of capital gains in assessment year under appeal. The Revenue is at liberty to consider the issue of capital gain in assessment year 2009-10 in accordance with law. The appeal of the assessee is, thus, allowed. Disallowance of deduction under section 54B - protective addition - Held that:- Since we have deleted the similar addition on account of capital gain in assessment year 2007-08 and directed to consider this issue in assessment year 2009 10, therefore, the orders of authorities below are set aside and matter in issue is restored to the file of Assessing Officer with direction to consider issue of long term capital gain in assessment year 2009-10 alongwith claim of deduction under section 54B of the Income Tax Act alongwith issue of agriculture income of ₹ 2,67,022/-. The Assessing Officer shall give reasonable sufficient opportunity of being heard to the assessee.
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