TMI Blog2017 (11) TMI 1710X X X X Extracts X X X X X X X X Extracts X X X X ..... n order under subsection (3) of Section 143 in respect of Assessment Year 2006-2007 has examined the issue regarding allotment of plot by MIDC. Considering the fact that the order under subsection (3) of Section 143 for the Assessment Year 2006-2007 has become final, in paragraph 9.1 of the impugned order, the Appellate Tribunal has observed that the AO adopted one of the two courses permissible in law. Therefore, it was held that the order was not erroneous - no substantial question of law - Income Tax Appeal No. 642 of 2015 - - - Dated:- 27-11-2017 - A.S. OKA And A.K. MENON, JJ. Mr. Suresh Kumar for the Appellant Ms. Ritika Agrawal for the Respondent ORDER P. C. 1 Heard the learned counsel appearing for the appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... That you have not declared such net receipts of ₹ 43,52,50,000 received from B Raheja Developers as a taxable under the head Capital Gain and (d) That the case laws relied upon in assessment proceedings to make the abovesaid receipt nontaxable are not attracted in your case. The case of B.C. Srinivasan Shetty 128 ITR 294 pertains to taxability of goodwill and that of D.P. Sandu Bros. Chembur Pvt. Ltd. 273 ITR 1 was on taxability of tenancy rights. In these cases the Apex Court correctly observed that it is not possible ascertain the cost of acquisition in these transactions thus the computation u/s.48 of I.T. Act, 1961 is not possible. This is not your case. The payment made by B. Raheja Developers to MIDC on your behalf repres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with business or not other than stock in trade is a capital asset. Thus, the observation of the CIT that the amount received was from transfer of a trading asset is not correct. The assessee has claimed it as a capital asset, the relinquishment of the right was considered as transfer of a capital asset and the consideration received by the assessee has been claimed as a capital gain tax. As mentioned elsewhere a specific query was also raised during the course of the present assessment proceedings and a very specific reply was filed by the assessee. All these factual matrix have been thoroughly examined by the AO as is evident from the extract of the reply filed by the assessee given at para 4.3 hereinabove. The AO has taken a view which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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