ACIT, Cochin V. Sri.Sreedhar Ashokkumar, Cochin

ITA 18/COCH/2012

• Counselvise Citation: [2015] 120 COUNSELVISE.COM (IT) 9937 (ITAT-COCHIN)
• Duration Of Justice: 3 year(s) 3 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-05-2015
• Appeal Filed By: Department
• Bench Allotted: DB
• Next Hearing Date: 07-05-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 06-02-2012
• Court: TRIBUNAL
• Department Lawyers: M ANIL KUMAR; K K JOHN
• Keywords: Capital asset; Difference of opinion
• Section: 2(14)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE S/SHRI V.DURGA RAO, JM AND B.R.BASKARAN , AM I.T.A. NO.18/COCH/2012 ASSESSMENT YEAR : 2008-09 THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-2(1), KOCHI. VS. SHRI SREEDHAR ASHOK KUMAR, INDIAN INSTITUTE OF MANAGEMENT, AISWARYA BUILDINGS, VALANJAMBALAM, KOCHI-682 016. [PAN: AFIPK 7716E] (REVENUE-APPELLANT) (ASSESSEE-RESPONDENT) REVENUE BY SHRI K.K. JOHN, SR. DR AND SHRI M. ANIL KUMAR, CIT(DR) ASSESSEE BY NONE DATE OF HEARING 07/05/2015 DATE OF PRONOUNCEMENT 07/05/2015 O R D E R PER V. DURGA RAO, J.M: 1. SINCE THERE WAS A DIFFERENCE OF OPINION BETWEEN THE TWO MEMBERS CONSTITUTING THE DIVISION BENCH OF ITAT, COCHIN, THE MAT TER WAS REFERRED TO THE THIRD MEMBER BY THE HONBLE PRESIDEN T U/S. 255(4) OF THE ACT. THE LD. THIRD MEMBER HAS FRAMED FOLLOWING QUESTION AFTER THE CONSENT OF BOTH THE PARTIES IN APPEAL:- WHETHER IN THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LAN D THAT WAS SOLD BY THE ASSESSEE COULD BE SAID TO BE CAPITAL ASSET WITHIN THE MEANING OF SEC. 2(14) OF THE ACT AND CONSEQU ENTLY I.T.A. NO.18/COCH/2012 2 THE TRANSFER OF THE SAID LAND WOULD GIVE RAISE TO CAPIT AL GAIN CHARGEABLE TO TAX U/S 45 OF THE ACT? THE HONBLE THIRD MEMBER HAS AGREED WITH THE VIEW TAK EN BY THE HONBLE ACCOUNTANT MEMBER THAT THE LAND SOLD BY THE ASSE SSEE WAS NOT AN AGRICULTURAL LAND. ACCORDINGLY, AS PER THE MAJORITY VIEW, THE ABOVE SAID ISSUE IS DECIDED IN FAVOUR OF THE REVENUE. 2. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS ALLOWED. PRONOUNCED IN THE OPEN COURT ON THIS 7 TH DAY OF MAY 2015. SD/- SD/- (B.R. BASKARAN) (V. DURGA RAO) ACCOUNTANT MEMBER JUDIC IAL MEMBER PLACE: KOCHI DATED: 7TH MAY, 2015 GJ COPY TO: 1. SHRI SREEDHAR ASHOK KUMAR, INDIAN INSTITUTE OF MANA GEMENT, AISWARYA BUILDINGS, VALANJAMBALAM, KOCHI-682 016. 2. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-2(1), KOCHI. 3. THE COMMISSIONER OF INCOME-TAX (APPEALS)-II, KOCHI. 4. THE COMMISSIONER OF INCOME-TAX, KOCHI. 5. D.R., I.T.A.T., COCHIN BENCH, COCHIN. 6. GUARD FILE. BY ORDER (ASSISTANT REGISTRAR) ITAT, COCHIN