Ram Niranjan Banka, Kolkata vs. A.C.I.T., Circle - 40, Kolkata
In the result, the appeal of the assessee is allowed
ITA 752/KOL/2025[2014-2015]Status: DisposedITAT Kolkata21 Nov 2025AY 2014-2015
Bench: Shri Rajesh Kumar, Am & Shripradip Kumar Choubey, Jm Ram Niranjan Banka Acit, Circle-40 1, Surti Bagan Street, Jorasanko, 3, Govt. Place (West), Vs. Kolkata-700073, West Bengal Kolkata-700001, West Bengal (Respondent) (Appellant) Pan No. Aedpb5273P Assessee By : Shri Manish Tiwari, Ar Revenue By : Shri Sanat Kumar Raha, Dr Date Of Hearing: 14.08.2025 Date Of Pronouncement: 21.11.2025
For Appellant: Shri Manish Tiwari, ARFor Respondent: Shri Sanat Kumar Raha, DR
Section 54(1)(ii)
same as part of “New Asset” allotted to the assessee under the Development
Agreement and computed gain as short term capital gain, applying section 54(1)(ii) of the Act.
3.4. The Ld. AO in his order observed that The possession of the building had already been handed over ... assessee in this regard cannot be accepted for the purpose of computation of capital gains as this is against the provisions of section 54(1)(ii) of the Act. The provision talks about ‘new asset’. In the present case, the flat in question is the ‘new asset’. Hence
