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TMI Blog2019 (4) TMI 1041X X X X Extracts X X X X X X X X Extracts X X X X ..... TMI 59 - SUPREME COURT] the decision of the Supreme Court in case of Sunil Siddharthbhai Vs. CIT [ 1985 (9) TMI 7 - SUPREME COURT] as also the decision of the Supreme Court in case of CIT Vs. R. Lingmallu Raghukumar [ 1997 (1) TMI 74 - SUPREME COURT] would have to be examined. Since this has not been done at the level of the Tribunal, we are of the opinion that it would be a better option that the Tribunal at first instance undertakes such exercise. Only on this ground, the impugned judgment of the Tribunal is set aside. Tribunal is requested to decide the appeals afresh on merits after considering the contentions of both sides - INCOME TAX APPEAL NO. 3248 OF 2018 - - - Dated:- 12-4-2019 - AKIL KURESHI And SARANG V. KOTWAL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 4. Under a deed dated 6.11.2009, the assessee retired from partnership w.e.f. 1.4.2009. The partnership firm continued its business with remaining partners. On 6.11.2009, the assessee was entitled to receive its share lying to the credit of capital and current account to the firm which came to ₹ 11.34 Crores (rounded off). This includes credit on account of revaluation of ₹ 10.48 Crores. The assessee filed its return of income for the assessment year 2010-11 in which the said amount received on account of retirement of partner (as was later on realized erroneously) was claimed as exempt under Section 10(2A) of the Income Tax Act, 1961. The return of income of the assessee was taken for scrutiny. The Assessing Officer passed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its right into the properties of the partnership firm in lieu of outstanding as on that date of retirement. As it is evident, the said revaluation is claimed to have taken place in the year prior to the year under consideration in 2007-08. The assessee company had not taken credit of that revaluation reserve in its accounts of that period. On query from the bench in this regard, the learned counsel of the assessee submitted that assessee company had taken a conscious decision not to account for the revaluation reserve credit. Considered in this perspective when the assessee company had not accounted for the revaluation reserve in the past when it had accrued and consciously left it in the hands of the firm, it cannot claim that the receipt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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