Shivam Anand vs. ITO, Ward-6(5), Patna

Parties Involved

Facts Summary

The assessee, Shivam Anand, entered into a land development agreement with M/s. Vishal Fabicon Pvt. Ltd. in the financial year 2010-11. The Assessing Officer found that the assessee and the developer had agreed to a development arrangement where the developer would construct on 50% of the land area owned by the assessee. The Assessing Officer concluded that the case attracted the provisions of Section 53A of the Transfer of Property Act, and the capital gains arising from such transfer were subject to Sections 2(47)(v), 45 & 48 of the Income Tax Act. A notice under Section 148 of the Act was issued, and a penalty proceeding under Section 271(1)(c) was initiated. The assessee did not comply with the notice, and the order was challenged by the assessee before the Commissioner of Income-tax (Appeal), which was dismissed. The assessee then filed an appeal against the order of the Commissioner of Income-tax (Appeal).…

Legal Issues

• 1. Whether the Assessing Officer erred in determining the long-term capital gain of Rs. 20,41,500/- on the basis of the development agreement?
• 2. Whether the assessee should be given an opportunity to bring all those material facts before the Assessing Officer?

Judgment Outcome

Decided in favour of Assessee.

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