TMI Blog2003 (11) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... spute and in view of the compromise decree in first appeal, which was pending before the High Court at Bombay, the appellant was required to return the whole of the sale proceeds of Rs. 1,25,418 to the land owner - We, therefore answer question No.2 in favour of the appellant and against the Revenue. - - - - - Dated:- 17-11-2003 - Judge(s) : B. B. VAGYANI., M. G. GAIKWAD. JUDGMENT The judgment of the court was delivered by B.B. VAGYANI J.-Heard. The Tribunal's order dated January 10, 2000, is challenged by the assessee under section 260A of the Income-tax Act, 1961 In brief, the facts giving rise to this tax appeal are as under: The appellant entered into an agreement of sale in respect of an agricultural piece of land with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant showed Rs. 3,400 as the profit by way of commission. However, the Assessing Officer added Rs. 1,25,418 as an additional income by way of sale proceeds of 17 plots. This additional figure was included in the disclosed income of Rs. 3,400. The Assessing Officer imposed additional tax liability on the appellant to the tune of Rs. 66,715. Feeling aggrieved by the order passed by the Assessing Officer, Dhule, the appellant filed appeal to the Commissioner (Appeals), Nasik. The Commissioner (Appeals), Nasik, dismissed the appeal filed by the appellant. Feeling dissatisfied by the dismissal order passed by the Commissioner (Appeals), Nasik, the appellant filed further appeal before the Income-tax Appellate Tribunal, rune. The Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of settlement arrived at by the parties before the court has the same binding force as any other decree. The settlement was not arrived at outside the court. In the instant case, the matter was compromised in the High Court and on the basis of the terms of compromise, the compromise decree was passed. Under the circumstance, the compromise decree in first appeal, which was pending before the High Court, is a legal decree for all purposes. Under the circumstances, the conclusions drawn by the Tribunal with regard to the nature of compromise decree are liable to be set aside. Accordingly, we answer question No. 1 in the affirmative. Section 54 of the Transfer of Property Act speaks about the sale of immovable property. Admittedly, Parde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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