TMI Blog2012 (2) TMI 553X X X X Extracts X X X X X X X X Extracts X X X X ..... <![endif]--><!--[if gte mso 9]> ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-fareast-language:EN-US;} <![endif]--> S/SHRI N.R.S.GANESAN, JM and SANJAY ARORA, AM For the Appellant : Shri Sony Mathew, FCA For the Respondent : Ms. S. Vijayaprabha, DR O R D E R Per Sanjay Arora, AM: This Appeal b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... virtue of s. 2(14) r.w.s. 45 of the Act, i.e., on the basis that the said agricultural land is not a `capital asset and, accordingly, no chargeable capital gains arises on its transfer. The ld. CIT(A) has allowed the assessee s appeal contesting the same following the decision by the Tribunal as in the case of Harrisons Malayalam Ltd. vs. ACIT, 315 ITR (AT) 1 (Cochin); ITO vs. Dr. Koshy George, 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r hand, relies on the decision by the tribunal in the case of Harrisons Malayalam Ltd. vs. ACIT (supra), per which the said profit has been held as not liable to book profit tax u/s. 115JB. The Revenue, however, prefers with its view as the matter has been, as stated, carried by it in appeal before the hon ble high court. The tribunal has, in rendering its said decision, relied on the decisions by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iding an alternative basis for computing the same. Reference by the ld. CIT(A) to the Circular No. 550 by the Board in this regard is in our view apposite; the receipt being admittedly a capital receipt. We therefore following the decision by the tribunal in the case of Harrisons Malayalam Ltd. vs. ACIT (supra), delete the inclusion of profit of ₹ 23.69 lakhs on account of sale of agricultur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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