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TMI Blog2020 (4) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri K. Sampath, Adv., Shri V. Raja Kumar, Adv. For the Revenue : Shri Ved Prakash Mishra, Sr. DR ORDER PER BHAVNESH SAINI, J.M. 1. This appeal by assessee has been directed against the order of Ld. CIT(Appeals), Ghaziabad dated 31.03.2017 for Assessment Year 2006-07 on the following grounds : - 1) On the facts and in the circumstances of the case, the Ld. CIT(Appeals) has erred in sustaining the order u/s 154 and thereby disallowing the claim of indexation of the assessee which steps in automatically once the capital gain is levied on compensation. Observations made, inferences drawn and findings recorded in this regard are arbitrary and illegal. 2) The Ld. CIT(Appeals) has misread the facts of the case and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... os. 1 to 4: The appellant challenged the order passed u/s 154 to compute the total income of the appellant at ₹ 15,65,830/-. The appellant bought right to receive land compensation from the owner of land acquired by Government. According to the appellant the treatment of entire transaction of purchase and sale of rights to receive compensation has been treated as a business transaction. According to the appellant the benefit of indexation on cost of purchase of right to receive compensation should have been given to the appellant while giving appeal effect. Examination of facts reveals that indexation of cost of acquisition was never claimed by the appellant in the original appeal preferred against order u/s 143(3) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s submitted that the appeal effect should have been given as per directions of the ITAT order dated 29.01.2016. Both the parties, therefore, suggested that the matter may be remanded to the AO to pass the order u/s 154/251/254 of the Act as per directions of the Tribunal dated 29.01.2016. 4. In this view of the matter, we set aside the orders of the authorities below and restore the matter in issue to the file of AO with direction to pass the order u/s 154 afresh as per law in the light of directions of the Tribunal dated 29.01.2016 in ITA No. 1836/2011 for assessment year under appeal i.e. 2006-07. The AO shall give reasonable sufficient opportunity of being heard to the assessee before passing the order. 5. In the result, the appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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