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Income Tax Appellate Tribunal, KOLKATA BENCH “B” KOLKATA
Before: Shri S.S.Godara & Dr. A.L. Saini
Income Tax Officer, V/s. Sri Barun Kukmar Basu Ward-57(1), 169, A.J. C. 240A, Rash Behari Bose Road, Kolkata-14 Avenue, Kolkata-19 [PAN No.ADTPB 8626 R] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri S. Dasgupta, Addl. CIT-DR अपीलाथ" क" ओर से/By Appellant Shri Soumitra Choudhury, Advocate ""यथ" क" ओर से/By Respondent 31-05-2018 सुनवाई क" तार"ख/Date of Hearing 06-06-2018 घोषणा क" तार"ख/Date of Pronouncement आदेश /O R D E R PER S.S.Godara, Judicial Member:- This Revenue’s appeal for assessment year 2009-10 challenges correctness of Commissioner of Income Tax (Appeals)-17, Kolkata’s order dated 23.08.2016, passed in case No. 157/CIT(A)-17/Kol/15-16 deleting long term capital gains addition of ₹52,56,148/- made in the course of regular assessment framed on 20.03.2015, in proceedings u/s 143(3)/263 of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Case file perused.
The Revenue’s solitary substantive grievance pleaded in the instant appeal seeks to revive the above stated long term capital gains addition as deleted in the CIT(A)’s order holding the assessee entitled for Section 54F deduction. There is no dispute about the assessee having co-owned the land (relevant capital asset) coming from his father dated 04.09.1957 by way of gift A.Y. 2009-10 ITO Wd-57(1) Kol. Vs. Sh. Barun Kr. Basu Page 2 deed in favour of all four brothers. These joined owners entered into a development agreement dated 27.03.2004. The builder / developer in turn allotted the assessee two flats bearing Nos.302 and 402 measuring 850-950 sq. ft. each with corresponding car parking space, 1/4th of 50% exclusive roof alongwith cash sum of ₹4.08 lakh. The Assessing Officer added value of said two flats alongwith the latter cash money coming to ₹69,43,668/- as reduced to the extent of cost of acquisition thereby culminating in the long term capital gains addition of ₹52,56,148/-.
The assessee preferred appeal. The CIT(A) holds the assessee entitled for Section 54F deduction by treating above the allotted two flats as “a residential house”. This leaves the Revenue aggrieved.