B. Ramakotaiah, Accountant Member - This is an assessee's appeal against the orders of the CIT (A)-7 Mumbai dated 2.9.2011 on the issue of computation of Long Term Capital Gain. Assessee has raised the following grounds:

"1. The learned CIT (A) has erred in law and on facts in upholding the order passed by the AO under section 143(3) of the Income Tax Act, 1961.

2. The learned CIT (A) has erred in law and on facts in confirming the assessment of a sum of Rs.2,39,91,000/ -as long-term capital gain on transfer of leasehold rights.

3. The learned CIT (A) has erred in law and on facts in confirming the action of the Assessing Officer in not treating Rs. 14,30,220/ - as consideration for transfer of building. The learned CIT (A) ought to have reduced the said amount from sale consideration of rights in land.

4. The learned CIT (A) has erred in law and on facts in upholding invocation of Section 50C of the Act to the transaction of transfer of capital asset made by the appellant.

5. Without prejudice to the above, even if Section 50C of the Act is held to be applicable, the Assessing Officer ought to have referred the valuation of the capital asset to the District Valuation Officer. Sinc