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TMI Blog2016 (3) TMI 675X X X X Extracts X X X X X X X X Extracts X X X X ..... The AO has not brought any material on record about the value of the property as adopted for the purpose of registration of documents by the Registrar of Assurances. In the given facts and circumstances we are of the view that conclusions drawn by the CIT(A) do not call for any interference . Accordingly order of CIT(A) is confirmed and this appeal by the revenue is dismissed. - Decided in favour of assessee - ITA No.555/Kol/2012 - - - Dated:- 20-1-2016 - SHRI N.V.VASUDEVAN, JM SHRI M.BALAGANESH, AM For the Petitioner : Shri S.S.Alam, JCIT, Sr.DR For the Respondent : None ORDER PER SHRI N.V.VASUDEVAN, JM : This is an appeal by the Revenue against the order dated 21.12.2011 of CIT(A) IV, Kolkata, relating t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Income from Other Sources. 4. Before CIT(A), the Assessee submitted that what was sold was land and the same was not a depreciable asset nor was it part of stock in trade of the Assessee. Since the property in question was a capital asset in the hands of the Assessee, any gain arising out of transfer of a capital asset had to be assessed under the head Capital Gain u/s.45 of the Act. The Assessee gave a calculation of Long term capital loss on sale of the property in question as follows: Sale consideration of Land in June 2005 Rs.2,62,00,000 Less: Cost of Acquisition (Purchased for ₹ 16 lacs) Market value as on 28-03-05 as per Reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as not a depreciation asset and therefore and was not included as Stock in trade, thus clearly evidencing that the land was without any doubt a capital asset within the meaning of Section 2(14) of the Income Tax Act. The CIT(A) therefore held that any transfer of a capital asset is to be charged under the head Capital Gains u/s.45(1) and the mode of computation as per section 48 of the Income Tax Act, had to be applied. The CIT(A) also verified the Valuation Report dated 27/07/2006 of a registered valuer wherefrom it was clear that the valuation has been done in conformity with valuation of similar properties in that area, around the same time. The value as on 01-04-1981 has been arrived upon on which cost inflation index was applied to arr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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