2011 (8) TMI 1155 - AT - Income Tax

Summary

Issues involved: Group of ten appeals by assessees and one appeal by Revenue against similar but separate orders of Commissioner of Income-tax(Appeals) for assessment year 2008-09.

Assessees' Appeals:
The assessees raised additional grounds of appeal before CIT(A) regarding taxation of surplus from sale of agricultural land, applicability of section 48 for computing capital gain, ascertainability of cost of acquisition, and taxability of capital receipts. CIT(A) adjudicated only on one additional ground, finding no force in the argument that the land was not a capital asset. However, other additional grounds were not addressed. ITAT set aside the matter to CIT(A) for fresh adjudication on all additional grounds, directing to pass de novo appellate orders after considering admissibility.

Revenue's Appeal:
Revenue's appeal challenged the direction to allow deduction u/s.54F without verifying the investment in land purchase. ITAT, having set aside the assessees' appeals for fresh adjudication, also remanded this issue to CIT(A) for redeciding de novo after providing a fair hearing to both parties.

In conclusion, all eleven appeals were allowed for statistical purposes.

*Order pronounced on 5.8.2011*