In the result, appeal of the revenue as well as the cross objections of the assessee are dismissed
Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.571/Viz/2019 (निर्धारण वर्ा/Assessment Year:2016-2017) Asst.Commissioner Of Vs. M/S Silemankhan & Mahaboobkhan Income Tax D.No.15-11-16 Central Circle-2 Mangalagiri Road Guntur Guntur [Pan : Aaifs2791N] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection No.149/Viz/2019 (Arising Out Of I.T.A. No.571/Viz/2019) (निर्धारणवर्ा/Assessment Year:2016-2017) M/S Silemankhan & Vs. Deputy.Commissioner Of Mahaboobkhan Income Tax D.No.15-11-16 Central Circle-2 Mangalagiri Road Guntur Guntur [Pan : Aaifs2791N] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)
260 sq.yds located at Mangalagiri Road, Guntur to M/s N.S. Vaishno Devi Developers (India) Pvt. Ltd. on 12.06.2015 for a consideration of Rs.8,47,00,000/- and Rs.7,26,00,000/- respectively aggregating to Rs.15,73,00,000/-. The assessee has filed the return of income declaring total income of Rs.13,17,76,430/- which includes the long term capital