TMI Blog2011 (11) TMI 257X X X X Extracts X X X X X X X X Extracts X X X X ..... the entire issue. - Decided in favor of Revenue. - T.C.(A) No.474 of 2005 - - - Dated:- 28-11-2011 - MR.JUSTICE P.JYOTHIMANI, MR.JUSTICE P.P.S.JANARTHANA RAJA, JJ. For Appellant : Mr.Patty B.Jagannathan For Respondent : Mr.C.Manishankar JUDGMENT P.JYOTHIMANI, J. The above tax case appeal is preferred by the Revenue against the impugned order of the Income Tax Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... half of the Department as well as the arguments of Mr.C.Manishankar appearing for the respondent. 3. The issue relates to the assessment year 1989-90. The assessee, which is a partnership firm originally consisting of eight persons, viz., 1. P.Obul Reddy, 2. Mrs.P.Meenakshi, 3. Mrs.P.Vijayalakshmi, 4. Mrs.P.Preetha Reddy, 5. Mr.S.R.Jiwarajka, 6. Mrs.Lakshmi Devi Jiwarajka, 7.Mr.Rajendra Prasad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. It was against this order of the Assessing Officer, the assessee filed an appeal before the Commissioner of Income Tax (Appeals), who dismissed the said appeal on 31.01.1994 holding that with effect from 01.04.1988 considerable change has been brought in Section 45(4) of the Income Tax Act in the provision of Capital Gains Tax and on that basis, the retirement was already very much with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15 (SC) wherein the Supreme Court has dealt with only Section 45 and Section 47(ii) of the Income Tax Act and allowed the appeal. The Supreme Court judgment, which has been relied upon by the Income Tax Appellate Tribunal in the impugned order is absolutely having no relevance to the facts of the present case, which is based on Section 45(4) of the Income Tax Ac, 1961, which came into effect by wa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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