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Showing contexts for: common plot in Suvarnanagar Co Operative Housing ... vs Department Of Income Tax on 13 July, 2016Matching Fragments
4.Aggrieved by the order of the AO,the assessee preferred an appeal before the FAA who allowed the appeal of the assessee.He held that sale of common plot by the society was a capital receipt and had to be taxed as LTCG ,that the AO was not justified in treating the receipt on sale of plot as business income.With regard to transfer fee the FAA held that the receipt was exempt in view of the decision of Adarsh CHS Ltd.
5.During the course of hearing before us, the Departmental Representative (DR) stated that the matter could be decided on merits. It is noticed that in the quantum appeal the Tribunal (ITA 179/M/2011 dt.11.4.14) had set aside the issue of sale of plot of land to the file of the AO.We would like to reproduce the relevant portion of the said order which reads as under