2016 (3) TMI 675

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ncome from other source and treat Rs. 50,00,210/- as long term capital loss arising from transfer of land since the assessee's claim was not substantiated consequent upon the fact that a request was made by this office to M/s Tushit Builders Pvt.Ltd. buyer company to furnish information in regard to purchase of property but no response has been made and even before the Ld.CIT(A) the said company did not submit any such information." 3. The assessee is a company. It carries on business of growing and manufacturing of tea. The ground of Appeal raised by the revenue relates to treatment of profit on sale of land by the AO as Income from Other Sources. The facts relevant to the aforesaid ground are that the Assessee during the previous year ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....,00,210 should be treated under the head Capital Gain and be allowed to be carried forward in accordance with law. 6. The CIT(A) on a consideration of the submissions of the Assessee and remand report of the AO on the above aspect filed before CIT(A) was of the view that there was no denial of the fact that the property in question was land which had been sold and the consideration as well as the cost of acquisition were not in dispute. What was in dispute was only the chargeability under a particular head. The CIT(A) found that the AO had accepted the claim of long term capital gain for the only reason that because the confirmatory letter from the buyer was not received. The CIT(A) found that the entire transaction was transparent and m....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... 50,00,210 as long term capital loss arising from transfer of land. 7. Aggrieved by the order of CIT(A) the revenue is in appeal before the Tribunal. 8. Notice was directed to be served on the assessee through the DR. Despite several opportunities revenue has not complied with the directions of the Tribunal. We proceeded to decide the appeal after hearing the submissions of the learned DR. The learned DR reiterated the stand of the revenue as reflected in the grounds of appeal filed before the Tribunal. 9. We are of the view that the stand taken by the revenue in the grounds of appeal is unsustainable. From the grounds of appeal raised by the revenue it is clear that the revenue has not dispute any of the findings of the CIT(A) ex....