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1. This appeal by assessee is directed against the order of ld. CIT(A)/NFAC dated 18.07.2024 for Assessment Year (AY) 2004-05.

2. Brief facts of the case are that assessee is a co-operative society. The assessing officer initiated the assessment proceeding pursuant to order of ld. PCIT dated 19.03.2014 passed under section 263. The assessing officer during assessment recorded that assessee along with 13 other co- operative societies owned a common plot conveyance deed (sale deed) of which was executed in their favor by Bombay Housing Board. The assessee owned only 5.00% share of said common plot admeasuring 4780.6 square meters bearing plot no. 4A/7 bearing CTS No. 194A/2 of ITA 2811/Mum/2025 (AY 2004-05) The Navyug Co-operative Housing Society Ltd.

"1. The Learned CIT(Appeals) erred in confirming the Order of the Assessing Officer taking the valuation as per the stamp duty authority, u/s.50C of the Act, as the sales consideration in computing long term capital gain in respect of the sale of common plot.

2. The Learned CIT(Appeals) erred in confirming the Order of the Assessing Officer u/s 143(3) rws 263 which merely constituted a mere change of opinion since computing of LTCG on Sale of plot was already a part of earlier assessment proceedings u/s 143(3) rws 148.

5. We have heard the submission of learned Authorized Representative (ld. AR) of the assessee and the learned Senior Departmental Representative (ld. Sr. DR) for the revenue. The ld AR of the assessee submits that the solitary issue is this appeal relates to the addition Of Rs. 52,75,090/- As long-term capital gain (LTCG) under section 50C on sale of assesses share in common plot on execution of sale deed under MOUsigned on 25.01.2000, copy of which is filed on record. Admittedly The plot was reserved for housing purpose of residence of police ITA 2811/Mum/2025 (AY 2004-05) The Navyug Co-operative Housing Society Ltd.