2021 (4) TMI 960

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....APPELLANT (BY SRI. THOMAS VELLAPALLY, ADV.,)   RESPONDENTS (BY SRI. E.I. SANMATHI, ADV., FOR R1 & R2)   JUDGMENT ALOK ARADHE J., This appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act for short) has been filed against the judgment dated 17.11.2017 passed by the Income Tax Appellate Tribunal. 2. The appeal was admitted by a bench of t....

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.... tea/coffee business and owns estates in the State of Karnataka. For the assessment year 2007-08, the business income of the assessee was worked out as per Rule 7B and Rule 8 of the Income Tax Rules. The assessee had declared short term capital gain of Rs. 78,412/- from sale of shares and long term capital loss on coffee futures exchange of Rs. 7,200/-. The assessee also declared loss of Rs. 60,48....

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....d by the Assessee in respect of the Assessment years 2007- 2008 and 2008-2009. The assessee thereupon filed appeals before the Income Tax Appellate Tribunal. The Tribunal, by a common order dated 17.11.2017, dismissed the appeals preferred by the assessee and interalia held that the assessee had no case on the issue that the trees in question were planted / acquired prior to 1981. 6. The learne....