The assessee filed a return for AY .2008-09, declaring long term capital gains \u00a0in respect of development rights. The Assessing Officer assessed the total income . On appeal the CIT(A) \u00a0granted partial relief and directed the AO to adopt the Cost Inflation Index (CII) for FY 2007-08 instead of 2002-03. The Revenue filed ITA No. 3195\/MUM\/2015 challenging this direction. The assessee also filed an appeal and raised the additional ground on the issue of year of taxability . Other co-owners had also appealed, and a common order dated 19.04.2018 was passed by the Tribunal dismissing the appeal of the Revenue and allowing the appeal of the assessee the Tribunal held that the development agreement was entered in the year 2003 -04 and not in the assessment year 2008 -09 \u00a0relying on the decision in Chaturbhuj Dwarkadass Kapadia of Bombay v. CIT(2003)\u00a0 260 ITR 491 ( Bom)( HC) \u00a0addition was deleted . \u00a0Revenue filed the \u00a0\u00a0Miscellaneous Application (MA),and contended that the Tribunal wrongly referenced the case of another assessee (Shri Jaiprakash L. Singh for AY 2007-08), which was unrelated to ITA No. 3195\/MUM\/2015, and failed to render a decision on the present assessee (Neelam Omprakash Singh). The Tribunal held that its common order explicitly stated that all co-owners’ appeals would be governed by the findings in ITA No. 3303\/Mum\/2013 and ITA No. 4530\/Mum\/2013. Accordingly, the MA was dismissed. (MA No. 629\/MUM\/2019 arising out of ITA No. 3195\/MUM\/2015) (dt. 24.01.2025) (AY 2008-09)<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
S. 254(2): Appellate Tribunal-Rectification of mistake apparent from the record – Development agreement \u2013 Cost Inflation Index \u2013 Year of taxability – Tribunal\u2019s common order applied to all co-owners \u2013 Miscellaneous application of Revenue is dismissed. [S. 45 , 48 , 254(1)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-51530","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dp8","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=51530"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51530\/revisions"}],"predecessor-version":[{"id":51531,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51530\/revisions\/51531"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}