2019 (4) TMI 1041

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Tribunal" for short) dated 1.6.2018 rejecting the assessee's appeal. By the same order, the Tribunal also allowed the Revenue's cross appeal arising out of the common judgment of the Income Tax Appellate Commissioner. 3. It is not necessary to record facts in detail, in view of the manner in which we propose to dispose of this appeal eventually. Assessee is a Private Limited Company. The appeal arises out of the assessee's return of income for the assessment year 2010-11. The assessee who is engaged in the business of investment and financing, was a partner in a firm which was constituted under Partnership Deed dated 1.4.2005. On 1.4.2007, the firm revalued the assets of development rights in land which resulted into appreciation of Rs.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f the Commissioner, therefore, gave rise to two cross appeals at the hands of the Revenue as well as the assessee. These appeals were disposed of by the Tribunal by the impugned common judgment. The Tribunal rejected the assessee's claim of exemption under Section 10(2A) of the Act, though the counsel submitted that the said claim was dropped before the Tribunal. Be that as it may, with respect to the dispute about chargeability of the receipt as capital gain, the Tribunal observed as under:- "11. Now we come to the claim that the sum received was exempt as capital receipt. The Ld. Commissioner of Income Tax (Appeals) has held the sum to be capital receipt by holding that it was received on account of erstwhile partnership firm fro....