Appeal allowed for statistical purposes, cross-objection dismissed. Remanded for fresh adjudication.

The case involved an appeal and cross-objection regarding the treatment of Long Term Capital Gain as income from business for AY 2008-09. The Revenue's appeal was allowed for statistical purposes, and the Assessee's cross-objection was dismissed as not pressed. The matter was remanded to the Ld.CIT(A) for fresh adjudication due to additional evidence not part of the assessment record, following the Tribunal's decision.

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Issues:
- Appeal against the order of the Ld.Commissioner of Income Tax(Appeals) dated 24/08/2011 for AY 2008-09.
- Revenue's appeal regarding the addition of Long Term Capital Gain treated as income from business.
- Assessee's cross-objection on the value for section 45(2) of the I.T.Act and interest levy u/s.234A, 234B, and 234C.

Revenue's Appeal - Long Term Capital Gain:
The Revenue appealed against the Ld.Commissioner of Income Tax(A) deleting the addition of Long Term Capital Gain of Rs. 61,01,210 and treating it as income from business for AY 2008-09. The AO had computed the Long Term Capital Gain at Rs. 57,06,622. The Ld.CIT(A) followed the order of his predecessor for AYs 2006-07 & 2007-08, directing the deletion of the working of capital gain and taxing the entire business income. The Tribunal had earlier restored the issue back to the file of Ld.CIT(A) for fresh adjudication due to additional evidence not part of the assessment record. Consequently, the present appeal was also sent back to Ld.CIT(A) for fresh adjudication after obtaining a remand report from the AO. The Revenue's appeal was allowed for statistical purposes.

Assessee's Cross Objection - Section 45(2) Value and Interest Levy:
The Assessee's Cross Objection for AY 2008-09 raised concerns about the value to be adopted for section 45(2) of the I.T.Act and the levy of interest u/s.234A, 234B, and 234C. However, the Assessee decided not to press the cross-objection, leading to its dismissal. The appeal of the Revenue was allowed for statistical purposes, and the cross-objection by the Assessee was dismissed as not pressed.

In conclusion, the judgment involved the appeal and cross-objection related to the treatment of Long Term Capital Gain as income from business for AY 2008-09. The Revenue's appeal was allowed for statistical purposes, and the Assessee's cross-objection was dismissed as not pressed. The matter was sent back to Ld.CIT(A) for fresh adjudication following the Tribunal's decision to restore the issue due to additional evidence not part of the assessment record.

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