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TMI Blog2012 (7) TMI 242X X X X Extracts X X X X X X X X Extracts X X X X ..... ghtly pointed out in the CIT(A)’s order in the set aside assessment proceedings, the Assessing Officer did not have the jurisdiction to revisit this issue. Appeal of assessee dismissed. - ITA No.223/Bang/2011 - - - Dated:- 30-5-2012 - SHRI GEORGE GEORGE K, SHRI JASON P BOAZ, JJ. Appellant by : Shri Srinivasan, C.A. Revenue by : Shri Saravanan B., JCIT ORDER PER GEORGE GEORGE K : This appeal instituted by the assessee is directed against the CIT(A) s order dated 15.12.2010. The relevant assessment year is 1996-97. 2. The assessee has raised 5 grounds of appeal. The 1st and the 5th grounds are general in nature and no specific adjudication is called for and hence, the same are dismissed. 3. Ground No.4 re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.1 The assessment was disputed before the CIT(A). The CIT(A) vide order dated 12/7/1999 directed the Assessing Officer to adopt 30% of the sale value as cost of acquisition as on 1/4/1981. The CIT(A) also directed that the sale consideration actually received should be verified and adopted. The CIT(A) s direction vide his order dated 12/7/99 with reference to verification of the sale consideration received reads as follows:- The next ground of appeal is with regard to the sale consideration of the standing trees taken at Rs.30,00,000/- by the Assessing Officer. The representative stated that even though there was an agreement to sell the trees for Rs.30,00,000/-, the actual sale price received during the year by the appellant was only R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shade trees was Rs.30 lakhs instead of Rs.13.5 lakhs and the cost of acquisition as on 1/4/1981 is to be adopted at 20% of the sale price and worked out the capital gains as under:- Proceeds received/receivable from sale of: a) Jungle and reserve wood 400 trees Rs.10,00,000/- b. do- - 750 trees Rs.20,00,000/- Rs.30,00,000/- 20% of the sale price is treated as cost of acquisition as on 1/4/1981 : Then indexed cost : Rs.6,00,000 x 281/100 Rs.16,86,000/- Balance income Rs.13,14,000/- Less : Loss of coffee plants : 1150x5x100 Rs. 5,75,000/- Capital gains Rs.7,39,000/- 8. The relevant conclusion of the Assessing Officer with reference to what is the sale consideration that is received by the assessee, whether it is Rs.30 lakhs or Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e relevant portion of the impugned order of the CIT(A) reads as follows:- 6. The other ground of appeal relates to adoption of sale value of timber. The facts of the case in this regard are that the appellant had disclosed sale consideration of Rs.30 lakhs in the return of income filed. The appellant had worked out capital gain/loss on this sale consideration. However, after completion of the original assessment, the appellant raised a ground before the CIT(A) that the actual sale consideration received were only Rs.13.5 lakhs. The CIT(A) directed the Assessing Officer to verify the matter. The Assessing Officer after verification rejected the appellant s claim. 6.1 It can be seen from the Tribunal s order that the issue regarding the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in respect of sale of shade trees, whether it is Rs.30 lakhs or Rs.13.5 lakhs. The above appellate order was given effect to by the Assessing Officer on 20/8/99, wherein the sale consideration was received was taken as Rs.30 lakhs, without calling for objection of the assessee. It was submitted that the assessee had preferred a rectification application against the order giving effect to the appellate order, which was disposed off vide order dated 28/5/2007. As against the order passed under section 154 of the Act rejecting the assessee s claim that the actual consideration received is only Rs.13.5 lakhs instead of Rs.30 lakhs, the assessee had filed an appeal before the first appellate authority, which is pending adjudication. The learne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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