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TMI Blog2018 (2) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... Thus, in the first instance the land which is subject matter of Long Term Capital Gain needs to be identified. Contention of the assessee that the transaction which has been subjected to tax in the present proceedings has already been offered to tax in proceedings arising from search operations u/s. 153A of the Act has been raised by assessee for the first time before the Tribunal. During the assessment proceedings the assessee never appeared before the Assessing Officer and apparently no such ground was raised by assessee before the First Appellate Authority. Therefore, we deem it necessary to remit this appeal back to the file of Assessing Officer for necessary verification and identification of the land before proceedings with the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... execution of development agreement. The Assessing Officer determined the value of land by invoking the provisions of section 50C of the Act at ₹ 54,20,320/- and computed Long Term Capital Gain as ₹ 25,05,172/-. Aggrieved by assessment order dated 01-12-2011 passed u/s. 144 r.w.s. 147 of the Act, the assessee filed appeal before the Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals) confirmed the findings of Assessing Officer and dismissed the appeal of assessee. Now, the assessee is in second appeal before the Tribunal against invoking of the provisions of section 50C, as well as computation of Long Term Capital Gain at ₹ 25,05,172/-. 3. Shri Suhas P. Bora appearing on behalf of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmitted that admittedly, before the Assessing Officer, the assessee did not appear. The Assessing Officer treated the land to be ancestral and computed Long Term Capital Gain by invoking the provisions of section 50C of the Act. The Assessing Officer while computing Long Term Capital Gain disturbed both, the sale price of land, as well as cost of acquisition of land. The ld. AR submitted that the land in question is not an ancestral land of the assessee. The assessee had acquired development rights in the land vide development agreement dated 17-01-2004 and two days thereafter executed another development agreement dated 19-01-2004 with M/s. City Corporation Limited for sale of Development rights. Thus, the intention of the assessee was to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of authorities below. We have also considered various documents placed on record by assessee in the form of paper book. It is contention of the assessee is that the development rights in respect of land acquired by assessee vide development agreement dated 17-01-2004 were further transferred to M/s. City Corporation Limited vide development agreement dated 19-01-2004. However, on perusal of both the agreements we find that the description of property given in para 1 of the development agreement dated 17-01-2004 is different from the schedule of property annexed with agreement dated 19-01-2004 between M/s. City Developers and Promoters Limited and assessee others. 7. The properties which is subject matter of agreement dated 17-01- 200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the authorities below have failed to examine that the land which is subject matter of development agreement dated 19-01-2004 is different from the land which was mentioned in development agreement dated 17-01-2004. Thus, in the first instance the land which is subject matter of Long Term Capital Gain needs to be identified. 8. The ld. AR has placed on record a copy of assessment order dated 31-12-2009 passed u/s. 143(3) r.w.s. 153A for assessment year 2004-05. The contention of the assessee is that the transaction which has been subjected to tax in the present proceedings has already been offered to tax in proceedings arising from search operations u/s. 153A of the Act. We find that this plea has been raised by assessee for the first ti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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