9911796707
TMI Blog2012 (7) TMI 242X X X X Extracts X X X X X X X X Extracts X X X X ..... f interest under section 234B of the Act. Levy of interest under section 234B of the Act is mandatory and consequential in nature. Hence, this ground is dismissed. 4. Ground no.3 was not pressed during the course of hearing by the learned counsel for the assessee and the same is dismissed as not pressed. 5. The solitary surviving ground, namely, ground no.2 reads as follows:- 2. The learned CIT(A) is not justified in rejecting the contention relating to the quantum of sale consideration to be adopted for computing the capital gains on the sale of shade trees at Rs.13,50,000/- actually received by the appellant as against a sum of Rs.30,00,000/- receivable under the agreement that was later cancelled, which has been erroneously adopted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer is directed to verify the actual sum received in respect of sale of trees for the financial year relevant to the assessment year 1996-97 and re-compute the capital gains accordingly". 6.2 The order of the CIT(A) (dated 12/7/99) was contested by the department before the ITAT. The solitary issue that raised before the Tribunal was whether the CIT(A) was justified in directing the Assessing Officer to adopt 30% of sale consideration as the fair market value of the shade trees as on 1/4/1981. A cross objection was also filed by the assessee in support of the CIT(A)'s order. The Tribunal allowed the department's appeal and dismissed the assessee's cross objection. 7. On further appeal by the assessee before the Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ows:- "6. What would be the sale consideration to be adopted - whether the value as per return and revised return filed by assessee at the aggregate of Rs.30 lakhs, or at Rs.13.50 as now claimed? This issue arose only during the appellate proceedings before the CIT(A). The CIT(A) directed that the matter may be verified. However, except contending that the actual consideration received through cheques which amounted to Rs.13.50 lakhs, as per a statement furnished, there is no other material to say that the sales as per the above said two agreements for sale of 750 + 400 trees for a total consideration of Rs.30 lakhs (Rs.20 lakh + Rs.10 lakhs) did not take place, nor the consideration was received in any other mode. The assessee's request w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as not contested further. There is nothing in the High Court's order also regarding this issue. The Hon'ble Court's order is very clear that the only question of law referred to the court was regarding determination of the FMV of the timber as on 1/4/1981. As the issue of the sale price of the timber was not contested before the Tribunal or before the Hon'ble High Court, it cannot be accepted that the Assessing Officer should have reconsidered the issue of actual sale consideration also in the reassessment proceedings. I felt hat the issue of actual quantum of sale consideration had become final when the Assessing Officer passed the order under section 154 subject to outcome of the appeal against that order. However, in the set aside assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... multiplicity of proceedings when the matter was remitted back by the Hon'ble High Court to the Assessing Officer, the assessee had taken up this issue before the Assessing Officer and in the interest of justice, the matter needs to be considered in this proceedings rather than a proceeding springing from an order passed under section 154 of the Act. 12. The learned DR present was duly heard. 13. We have heard the rival submissions and perused the materials on record. As rightly pointed out by the first appellate authority, the only issue before the Hon'ble High Court, was with reference to the determination of fair market value of the shade trees as on 1/4/1981. The actual sale consideration which was received on sale of shade trees was n ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
