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Documents citing Ashalata Kulshrestha, Ahmedabad vs The Ito, Ward-7(1)(3), Ahmedabad on 12 December, 2022

Ashalata Kulshrestha, Ahmedabad vs The Ito, Ward-7(1)(3), Ahmedabad on 28 June, 2023

only by way of the deed of rectification dated 31.07.2015 but the same relates back to the original date of allotment dated 01.01.1976 ITA No. 738/Ahd/2019 (Ashalata Kulshrestha vs. ITO) A.Y.- 2016-17 -7- when under the University Staff Housing Scheme the assessee was allotted with the same plot of land. Under these facts and circumstances, admittedly, the assessee is entitled to the claim of long term capital gain under Section 54 of the Act in respect of balance of land measuring 235.94 sq.mtr. which was never conveyed by way of deed of sale by the appellant to her daughter. We, therefore, accept the contention made by the Ld. Senior Counsel appearing for the assessee and direct the Ld. AO to calculate the capital gain in respect of the area of land admeasuring to 235.94 sq.mtr. and grant relief to the assessee. With the aforesaid observations, we allow the appeal preferred by the assessee partly.
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Ashalata Kulshrestha, Ahmedabad vs The Ito, Ward-7(1)(3), Ahmedabad on 27 April, 2023

3. After giving a thoughtful consideration, we find merits in the contention of the ld. counsel for the assessee. Accordingly, the order of the ITAT is hereby recalled and may be fixed for fresh hearing to hear the arguments of the assessee with respect of taxability of the transfer of 235.94 sq. mts. of land which came into the possession of the assessee by way of alteration deed entered with the Gujarat Housing Board on 31 July, 2015. Accordingly, the original order is recalled to the limited extent to determine the taxability of the additional land of 235.94 sq. mts. So far as the taxability of land amounting 66.92 sq. mts is concerned, we find no infirmity in the order of ITAT wherein it held that the same is liable to tax as short term capital gains in the hands of the assessee. Accordingly, the order is M.A No. 23/Ahd/2023 (In I.T.A No. 738/Ahd/2019) A.Y. 2016-17 Page No. 4 Ashalata Kulshrestha vs. ITO being recalled for the fresh hearing with respect to the taxability of the open land of 235.94 sq. mts.
Income Tax Appellate Tribunal - Ahmedabad Cites 1 - Cited by 0 - Full Document
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