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N.R.S.GANESAN, PRADEEP PARIKH
Prabhandam Prakash – Appellant
Versus
Income-tax Officer, Ward-13(2), Hyderabad – Respondent
Pradeep Parikh, Vice President. - The assessee is in appeal before us against the order of the learned CIT(A), dated 31-3-2007 for assessment year 2001-02. The issue in this appeal relates to the determination of capital gains at Rs. 12,52,276 and denying the exemption under section 54F of the Income-tax Act, 1961 (‘the Act’) to the assessee.
2. The assessee individual declared total income of Rs. 2,84,762 which included income from salary, income from house property, capital gains and income from other sources. Under the head "Capital gains" long-term loss of Rs. 80,931 was shown on sale of land and property constructed on the said property. The assessee owned a piece of land with a residential property constructed on it at Krishnanagar, Hyderabad. He entered into an agreement with a promoter/developer as per which the promoter was to demolish the existing structure and build a new residential-cum-non-residential complex. As a consideration, the pro-moter was to give 43 per cent of the built-up area to the assessee in the new complex and 57 per cent of the built-up area was to be owned by the promoter. The cost of construction of the 43 per cent of the built-up area was to be
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