TMI Blog2012 (3) TMI 474X X X X Extracts X X X X X X X X Extracts X X X X ..... . should give reasonable opportunity of being heard to the assessee. - ITA No. 5803/Mum/2009 - - - Dated:- 28-3-2012 - J. Sudhakar Reddy (Accountant Member) And R. S. Padvekar (Judicial Member) For the Petitioner : Manish Kanojia For the Respondent : B. V. Jhaveri ORDER R. S. Padvekar (Judicial Member) In this appeal the revenue has challenged the impugned order of the Ld. CIT (A)-2, Mumbai dated 27.08.2009 for the A.Y. 2006-07. The revenue has taken the following grounds: 1 On the facts and in the circumstances of the case and in law, the learned CIT (A) erred in ignoring the Fair Market Value of the area of the plot sold by the assessee (as a cosharer), as adopted by Stamp Valuation Authority which is contr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the capital loss in respect of the sale of the said plot of land of ₹ 2,56,476/-, after claiming Index Cost of Acquisition. It was noticed by the A.O. that as per the agreement the fair market value of the land for the purpose of payment of the stamp duty was adopted at ₹ 1,19,72,064/- as against the sale consideration of ₹ 20 lakhs declared by the assessee. The A.O. sought the explanation of the assessee why the valuation as per sec.50C should not be adopted as a sale consideration. The assessee filed the reply. The assessee claimed that the total area of the plot was 2242 sq. meter out of that 2110 Sq. meters was acquired by PWD as well as Thane Municipal Corporation for the Eastern Express Highway as well as 15 meter w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in ITA 3710/Mum/2007 dated 27.04.2009, allowed assessee s contention. He further observed that the assessee has transferred land admeasuring 134 meters only and he held that pro-rata consideration should be ₹ 7,14,910/- as against total consideration of ₹ 20 lakhs. In sum and substance, he held that, in fact, consideration declared by the assessee is more and he directed the A.O. to delete the addition. Now, the revenue is in appeal before us. 4. We have heard the parties and perused the records. We find that as per the agreement for development the assessee has transferred 2244.18 meters of land excluding the area acquired for Easter Express Highway. The copy of the Development Agreement is placed at page nos.15 to 24 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has to be considered is the net area available with assessee for transferring to the Developer. 5. The Ld. D.R. relied on the decision of the Hon ble High Court of Bombay in the case of Chedda Housing Development vs. Babijan Shekh Farid - 2007 (3) MLJ 402 (Bom) in which their Lordships have interpreted the definition of immovable property under General Clauses Act, 1897. In our humble opinion, the term immovable property has a very wide meaning then the words land and building . Sec.50C refers to land and building and not to immovable property as whole. Hence, the reliance placed by the Ld. D.R. on the decision of the Hon ble jurisdictional High Court in case of Chedda Housing Corporation (supra) is not helpful to the revenue. 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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