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2014 (5) TMI 150 - HC - Income TaxDeletion made after including the consideration received in kind Scope of Section 48 of the Act Whether the taking up of full value of consideration has to be look into while the computation of capital gains Held that:- The Tribunal and the CIT(A) rightly was of the view that under the collaboration agreement the assessee had transferred 60% of the ownership in the plot for a consideration of Rs.1,90,00,000/- on which the capital gains was paid and the addition made by the AO of Rs.1,33,54,388/- on account of remaining 40% of the plot could not have been made as the assessee did not transfer that share to the collaborator and retained the same for himself - the penalty proceedings are independent proceedings and the issue could not be adjudicated in quantum proceedings. It has rightly observed that the share was kept by him on which the builder constructed the ground floor and has given the same to the assessee after construction - The value of that construction which the assessee had received was Rs.29,78,965/- which the assessee was entitled to for exemption u/s 54 of the Act there was no justification for adding an amount thus, the order of the Tribunal is upheld Decided against Revenue.
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