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TMI Blog2018 (3) TMI 382X X X X Extracts X X X X X X X X Extracts X X X X ..... e same is not arising from the impugned orders of the authorities below Index cost of acquisition being fair market value of the asset as on 01.04.1981 and full value consideration as per the provisions of section 50C - Held that:- Since, the issue of assessability of capital gain in the year under consideration or for the A.Y. 2004-05 has been set aside to the record of the Assessing Officer which goes to the root of the matter therefore, the other issues are only consequential and can be examined only after deciding the issue of taxability of the capital gain whether in the assessment year under consideration or for the A.Y. 2004-05. Accordingly, these issues are also set aside to the record of the Assessing Officer for consideration a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t considered the value taken by the assessee as on 1.4.1981 of ₹ 70,825/- for said property and after indexed cost value of property comes to ₹ 3,39,960/- in which no capital gain will be chargeable in correct prospective. iii) That the Learned CIT(A) Learned Assessing officer has assessed capital Gains in A. . 2005-06 by ignoring the basic fact that 'Transfer' of capital Asset, had already completed, in terms of section 2(47)(v), 2(47)(vi) and explanation 2 to the section 2(47), in the relevant assessment years i.e. 1976-77 itself, when the agreement to sale was executed accompanied with handing over of physical possession of capital Asset and purchaser had made construction over it and enjoying the property fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds of appeal. Since, this issue raised by the assessee goes to the root of the matter regarding the capital gain arising from transfer of the capital asset is assessable in the year under consideration or for the assessment year 1976-77 as claimed by the assessee or in the assessment year 2004-05 as the sale deed in question was executed on 04.03.2004 which fall for the assessment year 2004-05 therefore, we taken up this issue first. 4. We have heard ld. AR as well as ld DR and submitted that the relevant material on record we find that the assessee has not raised this objection of assessability of capital gain arising from transfer of capital asset in question for the assessment year 19976-77 or for the assessment years 2004-05 before t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elow however, this very fact is the sole basis of reopening of the assessment then, the Assessing Officer was required to take into consideration the same while framing the reassessment. Since, the assessee did not raise this issue before the ld. CIT(A) therefore, same could not be examined by the ld. CIT(A) while passing the impugned order. Having regard to the facts and circumstances of the case that the assessee did not raise a specific objection regarding the assessability of the capital gain in the assessment year 2004-05 we deem it fit and proper that this issue shall be examined by the Assessing Officer. In case it is found that the capital gain arising from transfer of the capital asset in question pertains to the assessment year 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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