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TMI Blog1986 (7) TMI 166X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment, the ITO had included Rs. 3,01,139 as capital gains on the transfer of agricultural land to the Greater Cochin Department Authority. The assessee had gone in appeal against the said order to the CIT (A)and thereafter to the Tribunal. Ultimately the capital gains has been fixed at Rs. 2,59,089 with reference to the full value of the consideration received from the GCDA. Subsequently, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 95,436 in the full value of the consideration and recomputed the capital gains by his order dt. 7th Nov., 1983, under s. 154 r/w s. 155(7A) of the IT Act, 1961. 3. In appeal, the CIT (A) upheld the order of the ITO under s. 155(7A). As against this order of the CIT (Appeal) the assessee preferred the present appeal. 4. At the time of hearing the assessee's counsel restricted his argu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the Kerala High Court in the case of CWT vs. C.R. Ravindran Ors. 1977 CTR (Ker) 176 : (1977) 107 ITR 547 (ker). 6. We have considered the rival submissions. For bringing the enhanced compensation of Rs. 94,436 to tax, the ITO passed an order, under s. 154 r/w s. 155(7A) of the IT Act, 1961. The Supreme Court in the case of S. Sankappa Ors. vs. ITO (1968) 68 ITR 760 (SC) held that pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue of taxability of the capital gains on the sale of agricultural lands in respect of enhanced compensation. As already stated, the original assessment in this case was completed on 31st July 1978 determining the capital gains at Rs. 3,01,139. By its order dt. 22nd July 1980. the Tribunal fixed the capital gains at Rs. 2,59,089. The decision of the Bombay High Court in the case of Manubhai A. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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