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TMI Blog2019 (4) TMI 960X X X X Extracts X X X X X X X X Extracts X X X X ..... Chaudhary Arun Kumar Singh ORDER PER C.N. PRASAD (JM) 1. This order is passed in confirmity with the view of the Hon'ble Vice President, the Third Member. My Ld. Brother was of the view that the money equivalent to enhanced portion of the asset revalued constitutes capital asset for the purpose of section 45(4) r.w.s. 2(14) of the I.T. Act and therefore there is transfer of capital asset ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble President u/s.255(4) of the Act. Pursuant to the reference made by the Hon'ble President, the Hon'ble Vice President as Third Member framed the following questions on the point of dispute: - (1) Whether on the facts and in the circumstances of case, where on revaluation of asset being land held by the partnership firm which resulted into enhancement of value of asset and this enhance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he negative and in favour of the assessee agreeing with the view of the Judicial Member. Since the Majority view of the Members is against the Revenue, the grounds raised by the Revenue in both the appeals are decided against the Revenue in confirmity with the order passed by the Third Member. 3. As far as the assessee appeals are concerned, the ground raised challenging the jurisdiction of Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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