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TMI Blog2019 (2) TMI 290X X X X Extracts X X X X X X X X Extracts X X X X ..... essment year 1991-1992 had held that the assessee was liable for capital gains in respect of sale of land at Olavakkode. The relevant finding of the Hon’ble High Court has been extracted at para 8 of the CIT(A)’s order, hence the same is not reiterated here. In view of the decision of the Hon’ble jurisdictional High Court rejecting the assessee’s claim that it cannot be liable for capital gains as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... jari, AM Shri George George K, JM For the Assessee : Sri.R.Jaikrishna For the Revenue : Smt.A.S.Bindhu, Sr.DR ORDER PER GEORGE GEORGE K, JM : These appeals at the instance of the assessee are directed against the consolidated order of the CIT(A) dated 21.12.2017. The relevant assessment years are 2007-2008, 2008-2009 and 2009-2010. The assessee has also filed stay appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omputed as the land was acquired by the assessee free of cost from British Company under the scheme of amalgamation. 5. Aggrieved by the assessments, the assessee preferred appeals to the first appellate authority. The learned CIT(A) following the judgment of the Hon ble Kerala High Court in assessee s own case for assessment year 1991-1992 (ITA No.135 of 2000 judgment dated 08.04.2008) held th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the decision of the Hon ble jurisdictional High Court rejecting the assessee s claim that it cannot be liable for capital gains as it had acquired this property free of cost, is rejected. 8. The next issue raised in all these appeals is with regard to the fair market value as on 01.04.1981 adopted at ₹ 269 per cent of land. The assessee had claimed the fair market value as on 01.04.198 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve, on the other hand, supported the orders of the A.O. and the CIT(A). 10. We have heard the rival submissions and perused the material on record. The assessee has not produced any evidence / material to prove that the fair market value as on 01.04.1981 is more than ₹ 269 per cent adopted by the A.O. Hence, we confirm the fair market value as on 01.04.1981 at ₹ 269 per cent. Hen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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