2016 (8) TMI 1560

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..... ppeals) erred in allowing the assessee's appeal & holding that income from JDA can be offered on receipt basis despite the fact that the assessee is following accrual system of accounting and the income from JDA had already accrued to him on the date of signing the agreement & should have been offered as Capital Gains. 3. The learned CIT (Appeals) erred in holding that the two properties located in Kodialbail village were not located in the same area despite evidence to the contrary available in the schedule to the sale deeds. 4. For these and such other grounds it is urged that the order of the learned CIT (Appeals), on the above points may be set aside and the order of the Assessing Officer be restored. 5. The appellant craves .....

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..... d be reasonable to adopt the fair market value based on the government records as deemed consideration on admitted consideration whichever is higher for the purpose of calculation of capital gains. Hence, subject to the observations regarding the cascading effect of this in future, I direct the Assessing Officer to compute the capital gains accordingly." 5. The learned Authorised Representative has pointed out that this issue is now covered by the decision of this Tribunal in the case of ACIT Vs. Shankar Vittal Motor Co. Ltd. dt.18.3.2016 in ITA No.35/Bang/2015 as well as in the case of ACIT Vs. Sarojini M Khushe dt.27.4.2016 in ITA No.989/Bang/2014 dt.27.4.2016. We find that an identical issue was considered by this Tribunal in the above .....

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..... .com 264(Hyd.) and emphasized that similar issue was decided by the said Bench, as the said Bench determined the cost of construction while transferring the assets. On the other hand, learned AR relied on the orders of CIT(A) and submitted that the learned CIT(A) was agreed on the submissions of the assessee that for the deemed transfer of JDA the logical deemed consideration has to be guidance value of property and even otherwise it was observed by the CIT(A). Even on the date of transfer, the capital gains can only be worked out on the deemed market value of the property as per municipal records which has some basis. We have given our thoughtful consideration and rival submissions and facts and circumstances of the case and also gone .....

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