USHABEN JAYANTILAL SODHAN Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) This Tax Appeal filed by the assessee was admitted for consideration of the following substantial question of law;

(2.) The facts, being peculiar, we may notice them at the outset. The appellant-assessee is an individual. The appeal arises out of the assessee's Return for the A.Y. 2009-10. The assessee owned land with a bunglow on such land. The assessee demolished the bunglow to construct 08 flats on the land, some of which would be occupied by her for her own residence. The rest she intended to sell. The assessee retained 04 flats for her own use. The remaining 04 were meant for sale. The details of the names of buyers of these flats, dates of agreements to sale, dates of sale deeds and details of payments received by the assessee under the agreements to sale are as under;

(3.) The assessee considered the proportionate land apportioned to the 04 flat purchasers as sale of land belonging to her and disclosed long term capital gain of Rs.58,87,176/- in the process. We may also note that the development permission was granted by the competent authority on 29.07.2006 and Building Use Permission was granted on 23.10.2008.