DCIT, CHENNAI V. M/s. South India Pulverising Mills, CHENNAI

ITA 717/CHNY/2011

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 61032 (ITAT-CHENNAI)
• Duration Of Justice: 1 year(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-05-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 04-05-2012
• Assessment Year: 2007-2008
• Appeal Filed On: 18-04-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR SIBENDU MOHARANA IRS
• Assessee Lawyers: N DEVANATHAN
• Keywords: Difference of opinion

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, CHENNAI (BEFORE SHRI N.S.SAINI, ACCOUNTANT MEMBER AND SHRI VIKAS AWASTHY, JUDICIAL MEMBER ) .. I.T.A. NO. 717/MDS/2011 ASSESSMENT YEAR : 2007-08 THE DEPUTY COMMISSIONER OF INCOME TAX , BUSINESS CIRCLE V, CHENNAI. (APPELLANT) V. M/S.SOUTH INDIA PULVERISING MILLS, 34-J,BARODA STREET, WEST MAMBALAM, CHENNAI 600 033. PAN : ABGFS 5244 R (RESPONDENT) APPELLANT BY : DR. SIBENDU MOHARANA,IRS C.I.T. D R RESPONDENT BY : SHRI N. DEVANATHAN, ADVOCATE DATE OF HEARING : 04.05.12 DATE OF PRONOUNCEMENT : 04.05.12 O R D E R PER N.S.SAINI, ACCOUNTANT MEMBER : THERE WAS A DIFFERENCE OF OPINION BETWEEN THE HON BLE JUDICIAL MEMBER AND THE ACCOUNTANT MEMBER ON THE ISSUE WHETH ER THE LONG ITA NO.717/MDS/11 2 TERM CAPITAL GAINS ON SALE OF LAND WAS TO BE ASSESS ED IN THE HANDS OF THE PARTNERSHIP FIRM OR IN THE HANDS OF SHRI JAYANT H KUMAR JETHALAL, PARTNER OF THE ASSESSEE FIRM. THE HONBLE VICE PRE SIDENT, SITTING AS THE THIRD MEMBER HAS AGREED WITH THE HONBLE JUDICI AL MEMBER AND HAS HELD THAT THE LONG TERM CAPITAL GAIN IS ASSESSA BLE TO TAX IN THE HANDS OF THE PARTNER, SHRI JAYANTH KUMAR JETHALAL. THEREFORE BY THE MAJORITY VIEW, THE APPEAL OF THE REVENUE IS DISMISS ED. 2. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED ON FRIDAY, THE 4 TH MAY, 2012 AT CHENNAI. SD/- SD/- (VIKAS AWASTHY) (N.S.SAINI) JUDICIAL MEMBER ACCOUNTANT MEMBER CHENNAI, DATED THE 4 TH MAY, 2012. K S SUNDARAM. COPY TO: ASSESSEE/AO/CIT (A)/CIT/D.R./GUARD FILE