G. S. Pannu, Accountant Member - The captioned appeal by the assessee is directed against an order of the Commissioner of Income Tax (Appeals)-V, Pune dated 21.07.2011 which, in turn, has arisen from an order dated 31.12.2008 passed by the Assessing Officer u/s 143(3) of the Income-tax Act,1961 (in short "the Act") pertaining to the assessment year 2006-07.

2. In this appeal, assessee has raised the following Grounds of Appeal :—

"1. On facts and circumstances prevailing in the case and as per provisions of the law and scheme & norms it be held that, the assessment order communicated and served to the appellant after 31st Dec, 2008 is barred by limitation and is not effective & operative in the eyes of law. The order served on the appellant after prescribed time limit be set aside.

2. On facts and circumstances prevailing in the case and as per provisions of the law it be held that, the AO has erred in taxing the amount of Rs.4,89,89,000/- as long term capital gains on transfer of leasehold rights in respect of MIDC land by applying provisions of section 50C as against long term capital gain of Rs.1,90,11,120/- declared and admitted by the appellant under this head. The action of