9911796707
TMI Blog2021 (4) TMI 960X X X X Extracts X X X X X X X X Extracts X X X X ..... t year 2007-08 - Whether the findings of the Tribunal that it was incumbent on the appellant to allege during the assessment proceedings that the trees which were now sold were in existence prior to 01.04.1981 and no such material / evidence was brought on record before the Tribunal or the lower authorities is perverse, contrary to the record and illegal? - assessee submitted that the findin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act for short) has been filed against the judgment dated 17.11.2017 passed by the Income Tax Appellate Tribunal. 2. The appeal was admitted by a bench of this Court vide order dated 09.11.2018 on the following substantial questions of law: (i) Whether the appellant was entitled to adjust the indexed co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7B and Rule 8 of the Income Tax Rules. The assessee had declared short term capital gain of ₹ 78,412/- from sale of shares and long term capital loss on coffee futures exchange of ₹ 7,200/-. The assessee also declared loss of ₹ 60,48,245/- under the head long term capital loss on sale of timber. After adjusting long term capital loss on the sale of timber, the net loss of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Tribunal. The Tribunal, by a common order dated 17.11.2017, dismissed the appeals preferred by the assessee and interalia held that the assessee had no case on the issue that the trees in question were planted / acquired prior to 1981. 6. The learned counsel for the assessee submitted that the finding recorded by the Tribunal in this regard is perverse, as the same is based on surmises and c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the material available on record. The impugned orders passed by the Tribunal / Commissioner of Income Tax (Appeals) as well as by the Assessing Officer are hereby quashed. The matter is remitted to the Assessing Officer to make a fresh assessment again. It is needless to state that all the contentions of the parties to be kept open. Therefore, for the aforementioned reasons, it is not ne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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