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JUGAL KISHORE, N.L.DASH
Statesman Ltd. – Appellant
Versus
Assistant Commissioner of Income-tax, Circle-1, Kolkata – Respondent
Per Jugal Kishore, Accountant Member. - The appeal filed by the assessee is directed against the order passed by the ld. CIT(A)-VII, Kolkata dated 23-8-2006 for the assessment year 2003-04 on the following grounds :—
"(1) That the ld. CIT(A)-VII, Kolkata erred in arbitrarily confirming the inclusion and assessment of Rs. 14,49,14,951, as alleged short-term capital gains arising to the appellant company on sale of 4th, 5th, 6th, and 7th floors of Wing ‘A’ of the premises, being land and building situate at B-148, Barakhamba Road, New Delhi, in terms of four separate and distinct agreements for sale, all executed on 22-10-2001 in favour of M/s. Prity Portfolio Pvt. Ltd., Nahid Finlease Pvt. Ltd., Bist Hotels Pvt. Ltd. and Sagari Secfin Pvt. Ltd. respectively.
(2) That the ld. CIT(A)-VII, Kolkata erred in arbitrarily alleging and/or holding that it was impossible to bifurcate the aggregate sale consideration of Rs. 16,99,85,636 received by the appellant-company in respect of the aggregate area of 1656.79 square metre of office space along with proportionate undivided indivisible share in the land underneath, as also the proportionate share in all common areas and facilities etc., s
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