ORDER

Per Rajesh Kumar, AM:

This is an appeal preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the “Ld. CIT(A)”] dated 26.02.2025 for the AY 2014-15.

2. The ground No. 1 is general in nature and does not require any adjudication.

3. The issue raised in ground no. 2 is against the order of ld. CIT(A) confirming the action of the AO in calculating short term capital gain u/s 54(1)(ii) of the Act at Rs. 4,19,61,685/-.

3.1. The facts in brief are that the assessee, being a sole and exclusive lessee of the premises no. 6, Ballygunge Park Road, Kolkata since 1974 entered into a Development Agreement with ODC Engineering and Construction Pvt. Ltd. on 03rd April, 2007, on an area sharing basis, whereby the developer was required to develop a new building after demolishing the old house. Altogether, seven (7) floors were agreed to be built. The developer was entitled to three (3) no. of flats i.e. on the 2nd, 3rd and 4th floors and 11 car parking spaces with the undivided proportionate share in all common parts, portions,