ORDER

This is an appeal preferred by the Revenue against the order of the Commissioner of Income-tax (Appeals), Kolkata-20 (hereinafter referred to as the “Ld. CIT(A)”] dated 30.01.2024 for the AY 2012-13.

03. Brief facts of the case are that assessee had filed return of income on29.09.2012 declaring NIL income. Carried forward loss of Rs. 1,56,15,948/- was shown in the return. The case of the assessee was selected for scrutiny through CASS. The assessee Company is engaged in business of Real Estate and Jute Products. During the year, Assessee had sold land and building. Assessee had computed profit on sale of land and building after segregating the values of land and building. Sale value of building was deducted from the block of fixed asset. However, no capital gains tax was paid. AO is of the view that building is a capital asset of the company. Therefore, long term capital gain was applicable on its sale. AO has further mentioned that the assessee had 1/4th share in the sold land and building. AO has further mentioned that the market value of 1/4th share of the sold land and building, as per Stamp Duty Authority, is Rs.