TMI Blog2023 (6) TMI 127X X X X Extracts X X X X X X X X Extracts X X X X ..... two plots minus Rs. Y will constitute full value of consideration in the first transaction of transfer of agricultural land by compulsorily acquisition. AO, has observed that the first transaction of transfer by compulsory acquisition will not attract capital gain because it was a transfer of agricultural land - the date of allotment of the plots was 26-08-2011. Had the compulsory acquisition been of some non-agricultural land, the capital gain chargeable to tax would have resulted by taking the fair market value of the two plots minus Rs. Y as full value of consideration. Second transaction of the transfer of Plot Nos.20 20A taking place during the year, which happened on 12-09-2011, namely, around 15 days from the date of allotmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cted against the order dated 29-08-2022 passed by the CIT(A) in National Faceless Appeal Centre (NFAC) u/s.250 of the Income-tax Act, 1961 (hereinafter also called the Act ) in relation to the assessment year 2012-13. 2. The only issue raised in this appeal is against the adoption of certain amount as Cost of Acquisition in the computation of capital gain on transfer of Plot Nos.20 20A, Sector-22, at Ulwe, Tal. Panvel, Dist. Raigad. 3. Succinctly, the facts of the case are that the assessee along with certain other persons entered into an agreement with M/s. Shriram Builders Developers for transfer of their rights in respect of Plot Nos.20 20A, Sector-22, at Ulwe, Tal. Panvel, Dist. Raigad vide Tripartite Agreement dated 12-09- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al before the Tribunal. 4. We have heard the rival submissions and perused the relevant material on record. Indisputably, the agricultural land of the assessee along with other co-owners was acquired under the Land Acquisition Act, 1894 and its possession was taken over by CIDCO in the year 1986. Certain sum, whose exact figure was not known to the ld. AR nor has been referred to in the orders of the authorities below, admitted to be less than Rs.2.00 lakh (say, Rs. X) was awarded as compensation. In 1990, the Government of Maharashtra came out with 12.5% scheme covering even the transactions of compulsory acquisition taking place prior to that date. Under this scheme, urban land equal to 12.5% of the area compulsorily acquired was to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ural land. On page 11 of his order, the AO further observed that the date of allotment of the plots was 26-08-2011. Had the compulsory acquisition been of some non-agricultural land, the capital gain chargeable to tax would have resulted by taking the fair market value of the two plots minus Rs. Y as full value of consideration. 5. Now we turn to the second transaction of the transfer of Plot Nos.20 20A taking place during the year, which happened on 12-09-2011, namely, around 15 days from the date of allotment of plots. As the same plots which were allotted to the assessee as a consideration against the acquisition of his agricultural land in the first transfer transaction became subject matter of transfer in the second transaction, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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