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SHAILENDRA KUMAR YADAV, G.S.PANNU
Mahesh Nemichandra Ganeshwade – Appellant
Versus
Income-tax Officer, Wd. 3(4), Pune – Respondent
G.S. Pannu, Accountant Member - Since common issues are involved in the captioned appeals, they were heard together and a consolidated order is being passed for the sake of convenience and brevity.
2. Since the facts are common and arguments raised by the parties are identical, we shall take up the appeal filed by the assessee Shri Mahesh Nemichandra Ganeshwade (ITA No 594/PN/2010) as a lead case.
3. The Grounds of appeal raised in this appeal are as follows:
"1. The ld CIT(A) erred in holding that capital gain on transfer of land at S. No 48/1, village Bavdhan Khurd, Tal : Haveli, Dist. Pune was assessable in this asst. yea without appreciating that as per law, the same was not taxable in this assessment year.
2. The ld CIT(A) erred in holding that the sale consideration on transfer of land should be adopted at Rs. 4,90,00,000/- as against Rs. 2,50,00,000/- without appreciating that the original sale consideration was only Rs. 2,50,00,000/- and only by way of correction deed in F Y 2007-08 the consideration was increased and hence, there was no reason to adopt the sale consideration at Rs. 4,90,00,000/- as against Rs. 2,50,00,000/- as determined in the original agreement.
3. The l
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