2015 (10) TMI 257

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....capital gains in respect of sale of trees only. The Assessing Officer assessed the same at 10% of the estimated value of the estate which was taken as Rs. 9,60,000/- and thus arrived at the cost of trees at Rs. 96,000/-. Challenging the same, the assessee filed an appeal which was dismissed by the Appellate Commissioner. The assessee filed further appeal before the Tribunal, which has partly allowed the same and given benefit and remanded the matter to the Assessing Officer to recompute the capital gains by taking 70% of the sale proceeds as market value of the land as on 1-4-1981. Aggrieved by the said order, the Revenue has filed this appeal. 2. We have heard Sri.E.I.Sanmathi, learned counsel appearing for the appellants as well as Sri.S....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ioner further, affirming the order of the Assessing Officer, held that the same was reasonable and was based on facts, which is again wrong as the finding was not based on facts and it was arrived at without giving any reasons or considering the facts relating to the case. 5. The Tribunal has accepted the case of the assessee and has arrived at the cost as claimed at 70% relying on certain earlier decisions of the Tribunal, more particularly in the case ofM/s.Sangameshwar Coffee Estate Limited V/S Income Tax Officer (ITA No.402/Bang/85) wherein, for valid reasons, 70% of the sale proceeds has been accepted. The said judgment in the case of Sangameshwar Coffee Estate (Supra) has been affirmed by this Court in Civil Petition No.302/1988 (Com....