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TMI Blog2012 (6) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... artnership firm by means of transfer entry or sale deed. Further, the land was always treated as agricultural land in the earlier assessment years, therefore, finding by the Tribunal that it was agricultural land for the relevant AY and it belonged to the individual partners and was never partnership firm's property is perfectly justified. - INCOME TAX APPEAL No. - 6 of 2003 - - - Dated:- 8-5-2012 - Ashok Bhushan, Prakash Krishna, JJ. Petitioner Counsel :- A.N. Mahajan,Ashok Kumar,B.J. Agrawal,D. Awasthi,G.Krishna,R.K. Upadhyay,S.Chopra Respondent Counsel :- Ashok Trivedi The above appeal has been preferred against the judgment and order dated 19th of August, 2002 passed by the Income Tax Appellate Tribunal, Agra Bench, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted a sum of Rs.1,26,650/- as the value of land forming a part of fixed assets in the balance sheet as on 31st of March, 1986. The said land was not taken as a part of business asset for the assessment year 1987-88. The matter was inquired into by the Assessing Officer. The explanation given by the assessee firm that the individual partners had brought the land as their contribution and the land continued to belong to the individual partners and was never firm's property, was not accepted by the Assessing Officer in the assessment order dated 27th March, 1992. In appeal, the CIT (A) gave a marginal relief and allowed the appeal in part. Both, the assessee and the department preferred further appeals before the Tribunal and the Tribunal by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ming and poultry. Except one partner the others brought individual land as capital. The land belonged to the individual partners. The title to the land remained with the individual partners. The said fact is evident from the partnership deed. On 30th June, 1973 the firm was reconstituted to admit the minor as full-fledged partner and one partner retired from the partnership firm. It was again reconstituted on 15.2.1974. This time, four partners retired from the firm. It has been noticed that the retiring partners withdrew the land which was brought by them. The firm was again reconstituted in the year 1981 when one partner withdrew certain land out of his share in the land. On 8th December, 1987 relevant to the accounting year 1987-88 cor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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