2019 (4) TMI 960

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..... Shivaram For The Revenue : Shri Chaudhary Arun Kumar Singh ORDER PER C.N. PRASAD (JM) 1. This order is passed in confirmity with the view of the Hon'ble Vice President, the Third Member. My Ld. Brother was of the view that the money equivalent to enhanced portion of the asset revalued constitutes capital asset for the purpose of section 45(4) r.w.s. 2(14) of the I.T. Act and ther....

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....referred to Third Member by the Hon'ble President u/s.255(4) of the Act. Pursuant to the reference made by the Hon'ble President, the Hon'ble Vice President as Third Member framed the following questions on the point of dispute: - (1) Whether on the facts and in the circumstances of case, where on revaluation of asset being land held by the partnership firm which resulted into....

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....n'ble Third Member answered both the questions in the negative and in favour of the assessee agreeing with the view of the Judicial Member. Since the Majority view of the Members is against the Revenue, the grounds raised by the Revenue in both the appeals are decided against the Revenue in confirmity with the order passed by the Third Member. 3. As far as the assessee appeals are concerned....