TMI Blog2011 (6) TMI 891X X X X Extracts X X X X X X X X Extracts X X X X ..... Per A. Mohan Alankamony, Accountant Member These are two appeals, ITA No.953/B/10 is filed by the Revenue for the A.Y. 2006-07 against the order of the CIT(Appeals)-II, Bangalore u/s. 143(3) dated 24.7.2009 and ITA No.1063/B/10 is filed by the assessee for the A.Y. 2005-06 against the order of the CIT(A)-II, Bangalore u/s. 144 dated 15.3.2010. 2. In the appeal for the A.Y. 2006-07, thou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the aforesaid joint development agreement with the Developer on 27.9.2004, the assessee was entitled to certain built area in the form of residential apartments after development and called upon the assessee as to why capital gains was not offered. The assessee contended that the entire capital gains was exempt under the provisions of section 54F of the Act and was not liable to capital gains ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gains. The ld. CIT(A) held that the profit from sale of land is to be treated as long term capital gains and the profit on sale of built up area to be treated as short term capital gains. The claim of exemption u/s. 54F was denied as there was no capital gains on development being assessed for A.Y. 2005-07. However, the addition of ₹ 24,13,000 as unexplained cash credit was deleted by the ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the quantum of long term capital gains. Against this order of the CIT(A), the assessee is in appeal before us for the A.Y. 2005- 06. 7. We have heard the rival submissions and perused the material on record. During the course of hearing before us, the ld. AR submitted that the main plank of the Revenue s appeal for A.Y. 2006-07 is that as far as the sale of flats is concerned, the CIT(A) direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reed for both the appeals to be remitted back to the file of the Assessing Officer for his fresh consideration. In these circumstances, we set aside the order of the CIT(Appeals) for both the assessment years under appeal before us to the file of the Assessing Officer with a direction to examine the matter afresh after affording reasonable opportunity of being heard to the assessee and decide the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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