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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 ..... capital gains in respect of sale of trees only. The Assessing Officer assessed the same at 10% of the estimated value of the estate which was taken as Rs. 9,60,000/- and thus arrived at the cost of trees at Rs. 96,000/-. Challenging the same, the assessee filed an appeal which was dismissed by the Appellate Commissioner. The assessee filed further appeal before the Tribunal, which has partly allowed the same and given benefit and remanded the matter to the Assessing Officer to recompute the capital gains by taking 70% of the sale proceeds as market value of the land as on 1-4-1981. Aggrieved by the said order, the Revenue has filed this appeal. 2. We have heard Sri.E.I.Sanmathi, learned counsel appearing for the appellants as well as Sri. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sioner further, affirming the order of the Assessing Officer, held that the same was reasonable and was based on facts, which is again wrong as the finding was not based on facts and it was arrived at without giving any reasons or considering the facts relating to the case. 5. The Tribunal has accepted the case of the assessee and has arrived at the cost as claimed at 70% relying on certain earlier decisions of the Tribunal, more particularly in the case ofM/s.Sangameshwar Coffee Estate Limited V/S Income Tax Officer (ITA No.402/Bang/85) wherein, for valid reasons, 70% of the sale proceeds has been accepted. The said judgment in the case of Sangameshwar Coffee Estate (Supra) has been affirmed by this Court in Civil Petition No.302/1988 (Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee Ltd. V/S Joint Commissioner of Income Tax reported in (2012) 211 Taxman 7 (Karnataka). In the said case, the Assessing Officer had estimated the capital gains at 30% of the sale proceeds, which was based on a decision of this Court in the case of CIT v/s PULLANGODE RUBBERS AND PRODUCTS CO. LTD. It was a case similar to the facts of the case in TATA Coffee Limited. However, the Tribunal affirmed the finding of the Assessing Officer and on an appeal filed by the assessee therein, the matter was remanded to the Assessing Officer for fresh decision. In the said case, there were some reasons given by the Assessing Officer, which could be tested by the Court, whereas, in the present case, no reasons whatsoever have been given by the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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