DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-5(2)(1), BANGALORE vs. M/S L K TRUST , BANGALORE
In the result, appeal by the Revenue is dismissed
ITA 1434/BANG/2017[2008-09]Status: DisposedITAT Bangalore19 Mar 2021AY 2008-09
Bench: Shri N.V. Vasudevan & Shri B R Baskaranassessment Year: 2008-09 The Dcit, Vs. M/S. L. K. Trust, Circle – 5(2)(1), #9, Seshadri Road, Bangalore – 560 009. Bangalore. Pan: Aaatl 0522 A Appellant Respondent Revenue By : Shri. Pradeep Kumar, Cit(Dr)(Itat), Bengaluru. Assessee By : Shri. V. Sridhar, Ca Date Of Hearing : 08.03.2021 Date Of Pronouncement : 19.03.2021 O R D E R Per N.V. Vasudevanthis Is An Appeal By The Revenue Against The Order Dated 30.03.2017 Of Cit(A)-5, Bangalore, Relating To Assessment Year 2008-09. 2. The Assessee Is A Charitable Trust. It Owned Residential Land Measuring About 11 Acres & 20 Guntas Situated In Nagashettyhally, Kasaba Hobli, Bangalore North Taluk (Hereinafter Referred To As ‘The Property’). The Assessee Together With One M/S. Kanyakumari Builders Pvt. Ltd., As Confirming Party No.1 & M/S. Khoday India Ltd., As Confirming Party No.2, Sold The Property For A Sale Consideration Of Rs.140 Crores By A Sale Deed Dated 31.01.2007 To M/S. Pebble Bay Developers Pvt. Ltd. In The Return Filed By The Assessee For Assessment Year 2007-08, The Assessee Declared Long Term Capital Gain On Sale Of The Property Only To The Extent Of 34% & Claimed That In Respect Of 66% Of The Property Sold, Capital Gain Page 2 Of 14 Cannot Be Regarded As Having Accrued To The Assessee. In The Course Of Assessment Proceedings For Assessment Year 2007-08, The Assessee Submitted A Letter Dated 31.03.2008 In Which The Assessee Gave The Reasons As To Why Only 34% Of The Capital Gain Is Declared In The Return Of Income For Assessment Year 2007-08. The Same Reads As Follows: Page 3 Of 14 The Ao Passed An Order Of Assessment On 31.03.2016 For Assessment Year 2007-08 Accepting Long Term Capital Gain To The Extent Of 34% Declared By The Assessee.
For Appellant: Shri. V. Sridhar, CAFor Respondent: Shri. Pradeep Kumar, CIT(DR)(ITAT), Bengaluru
Section 143(1)Section 143(3)Section 147Section 148
charitable trust. It owned residential land measuring about 11 acres and 20 guntas situated in Nagashettyhally, Kasaba Hobli,
Bangalore North Taluk (hereinafter referred to as ‘the property’). The assessee together with one M/s. Kanyakumari Builders Pvt. Ltd., as confirming party No.1 and M/s. Khoday India Ltd., as confirming party
No.2, sold the property for a sale consideration of Rs.140 Crores
