TMI Blog2018 (3) TMI 1897X X X X Extracts X X X X X X X X Extracts X X X X ..... er of the Tribunal . Accordingly we hereby hold in the case of the assessee also that the year of taxability of long term/short capital gain shall only arise in the financial year 2006-07 relevant to the assessment year 2007-08. Accordingly ground No. 2(i) raised by the Revenue is disposed off in favour of the assessee. - I.T.A.No.1759/CHNY/2017 - - - Dated:- 1-3-2018 - Shri A.Mohan Alankamony, Accountant Member And Shri Duvvuru Rl Reddy, Judicial Member Appellant by : Shri Sanat Kumar Raha, JCIT Respondent by : Shri D. Anand, Advocate ORDER A. Mohan Alankamony, The appeal by the Revenue is directed against the order passed by the learned Commissioner of Income Tax (Appeals)16, Chennai dated 15.05.2017 in ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rijan Reality for development of their viz., vacant land situated at No.137, Velachery Main Road, Velachery, Chennai 600042, and the name of the project/building complex to be constructed is Paramount Grand Mall . 4. At the outset the Ld.AR submitted before us that in the case of one of the joint owners of the property Shri Shafiq Mohammed Shah, with respect to the same project and same land, the issues were decided by the Tribunal vide its order dated 11.05.2017 in ITA No.1331, 945/Mds/2016 for the assessment year 2011-12 in favour of the assessee. The Ld.DR could not controvert to the submission of the Ld.AR on this regard. 5.1 After hearing both sides, we find merit in the submission of the Ld.AR. The issue regarding the year of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r giving due deduction as enumerated in sec.48 of the Act. The Assessing Officer has to consider this issue of computation of capital gains on assessee s share of construction area along with undivided share in land which was actually transferred by the assessee in this assessment year. In other words, the Assessing Officer cannot bring into tax entire share of constructed area along with undivided share in land only on receipt basis as transferred unless there is actual transfer in terms of Sec.45 of the Act. Accordingly, we direct the Assessing Officer to tax the gains arising from transfer of capital asset effected in the previous year alone in the relevant assessment year 2011-12. Since in the case of the assessee, facts being the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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