DCIT, COCHIN vs. SHRI M GEORGE ( MUKKADAYIL JOSEPH GEORGE), COCHIN
In the result, the Revenue’s appeal is allowed
ITA 525/COCH/2011[2006-07]Status: DisposedITAT Cochin31 Oct 2023AY 2006-07
Bench: Shri Sanjay Arora & Shri Manomohan Dasdy. Cit, Circle 2(1), Range – 2 M.J. George C.R. Building, I.S. Press Road, Mukkadayil House Kochi 682018 Vs. Krishnaswamy Cross Road Ernakulam, Kochi - 682035 [Pan: Adgpg6991D] (Appellant) (Respondent) Revenue By: Sri Sajit Kumar Das, Cit-Dr Assessee By: Sri R. Lokanathan, Ca Date Of Hearing: 17.08.2023 Date Of Pronouncement: 31.10.2023 Order Per Sanjay Arora, Am This Is An Appeal By The Revenue Agitating The Allowance Of The Assessee’S Appeal Contesting It’S Assessment Under Section 143(3) Of The Income Tax Act, 1961 (The Act) Dated 31.12.2008 For Assessment Year (Ay) 2006-07, By The Commissioner Of Income Tax (Appeals)-2, Kochi [Cit(A)] Vide His Order Dated 31.03.2011. 2. The Facts Of The Case In Brief Are That The Assessee, An Individual, Who Had Returned His Income For The Year At Rs.63,420/- (From Business & Other Sources), Was Found To Have A Credit Of Rs.899.10 Lakhs In His Bank Account On 14.02.2006. The Same Was Explained In The Assessment Proceedings As Sale Proceeds Of 5.21 Acres Of Land At Kakkanad Village, Falling Under Thrikkakara Panchayat, Sold For Rs.977.10 Lakhs Vide Registered Sale Deed Dated 13.02.2006. The Sale Was In Pursuance Of An Agreement To Sell Dated 09.01.2006, Receiving Rs.78 Lakhs As Advance. The Said Land
For Appellant: Sri R. Lokanathan, CAFor Respondent: Sri Sajit Kumar Das, CIT-DR
Section 143(3)Section 2(14)(iii)
section 2(14)(iii) of the Act, which reads as under, no income by way of capital gain arose on it’s transfer, and which explained in the non-returning thereof:
“2. In this Act, unless the context otherwise requires,—
(1) to (13).......
(14) "capital asset" means—
(a) property of any kind held by an assessee, whether or not connected
