INCOME TAX OFFICER Vs. N.S. NAGARAJ

JUDGEMENT

(1.) THE Revenue is in appeal before us against the order of the learned CIT(A) dated 2nd February, 2011 passed for assessment year 2007 -08. On receipt of the notice in the Revenue's appeal, the assessee has filed cross objection bearing No. 45/Bang/2013. The grounds of appeal taken by the Revenue are not in consonance with Rule 8 of the ITAT Rules, they are descriptive and argumentative in nature. Similarly, the assessee has incorporated the statement of facts and grounds together in the grounds of cross objections.

(2.) IN brief the common question involved in the appeal as well as cross objection is, whether on execution of joint development agreement by the assessee along with his brother Mr. Nandish Reddy on 9.8.2006 with M/s. Akme Projects Ltd., the land comprising 2 acres and 48 guntas was transferred to the developer or not?, if yes, then capital gain ought to be computed at Rs. 5,95,23,974/ - computed by the Assessing Officer or some other figures is to be computed.

(3.) THE Assessing Officer has adopted the consideration of the land at Rs. 800/ - per sft, because this was the expenditure which the builder will incur for constructing the area. In lieu of this the assessee's have relinquished their rights in the land in favour of the builder who will get 50% of the land as well as 1.50 lakhs sft. constructed area.