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TMI Blog2015 (10) TMI 257X X X X Extracts X X X X X X X X Extracts X X X X ..... decision in the case of Sangameshar Coffee Estate as well as other cases, and thus, has recorded a finding of fact, which need not be disturbed by this Court. - Decided in favour of assessee. - ITA No.249/2010 - - - Dated:- 21-9-2015 - Vineet Saran B Manohar, JJ For The Appellant : Sri E I Sanmathi, Adv. For The Respondent Rep : Sri S P Bhat C. Basavaiah, Advs. JUDGEMENT Per: Vineet Saran: The assessee had purchased a coffee estate in 1961 along with standing shade trees. The said estate was sold by the assessee in the year 1997. The Jungle wood and silver oak trees were sold for a sum of ₹ 1,00,00,000/- which was by way of an agreement dated 25-07-1995. The dispute in the present appeal is with regard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of fact that the market value of the estate would be ₹ 9,60,000/- as on 1-4-1981, but has given no reason whatsoever for adopting 10% thereof, as cost of trees. On being questioned, Sri.E.I.Sanmathi, learned counsel for the appellants- Revenue could not point out from the order of the Assessing Officer, even a single reason for arriving at 10% instead of 70% as had been claimed by the assessee. The Appellate Commissioner has, on his own, recorded a finding that 10% of the estimated market value of the estate as on 1-4-1981 was arrived at by the Assessing Officer on the basis of some judgments of the High Court, which finding of the Appellate Commissioner is absolutely perverse, as no such reason has been given by the Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision, wherein the matter was remanded to the Assessing Officer because initially the Tribunal had held the value of the timber at ₹ 35/- per cubic feet as on 1st April, 1981. But on a Miscellaneous petition filed by the assessee, the Tribunal allowed the claim of the assessee in toto and held that 70% of the sale proceeds be treated as cost of timber as on 1st April, 1981. In such facts and circumstances, where the Tribunal had itself given conflicting views, this Court had directed the matter to be remanded to the Assessing Officer for fresh decision. In our view, the ratio of the said decision would not be applicable for the facts of the present case. 8. Learned counsel for the appellants also relied upon another decision of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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