Pramod Kumar, Accountant Member - By way of this appeal, the appellant Assessing Officer has challenged correctness of learned Commissioner (Appeals)'s order dated 9th August 2011, in the matter of assessment under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'), on the following ground:

1. That, on the facts and in the circumstances of the case, the learned CIT(A) has erred in deleting addition of Rs. 14,64,692 on account of long term capital gain.

2. That, in doing so, learned CIT(A) erred in holding that Section 50C has no application on transfer of leasehold right in building.

2. In the related cross objection filed by the assessee, following grievance has been raised:

For that the learned CIT(A) is not justified in not considering the alternative ground that Section 50 C is not applicable when full value of the consideration is invested under section 54F as far as meaning of full value of consideration under section 54F is concerned.

3. The grievances, which have been raised in the appeal and the cross objections, are interconnected and centre around treatment of capital gains on sale of a property in which the assessee had tenancy rights. We