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2018 (2) TMI 973 - AT - Income TaxComputation of LTCG - invoking of the provisions of section 50C - Identification of property - Held that:- A perusal of description of properties clearly indicate that the survey numbers giving description of property in development agreement dated 17-01-2004 are different from survey numbers of land which are subject matter of agreement dated 19-01-2004. Even the total area of land is different in both the agreements. Both the authorities below have failed to examine that the land which is subject matter of development agreement dated 19-01-2004 is different from the land which was mentioned in development agreement dated 17-01-2004. Thus, in the first instance the land which is subject matter of Long Term Capital Gain needs to be identified. Contention of the assessee that the transaction which has been subjected to tax in the present proceedings has already been offered to tax in proceedings arising from search operations u/s. 153A of the Act has been raised by assessee for the first time before the Tribunal. During the assessment proceedings the assessee never appeared before the Assessing Officer and apparently no such ground was raised by assessee before the First Appellate Authority. Therefore, we deem it necessary to remit this appeal back to the file of Assessing Officer for necessary verification and identification of the land before proceedings with the assessment of any gain arising from sale of land. - Decided in favour of assessee for statistical purposes.
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