J U D G M E N T v. I.t.a.nos. 3 & 14 Of 2001

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE T.R.RAMACHANDRAN NAIR THURSDAY, THE 17TH JANUARY 2008 / 27TH POUSHA 1929 ITA.No. 3 of 2001() ------------------- ITA.13(COCH/1999 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT: ----------------- THE COMMISSIONER OF INCOMETAX,TRIVANDRUM. BY ADV. SRI.P.K.R.MENON(SR.),SR.COUNSEL FOR IT SRI.GEORGE K. GEORGE, SC FOR IT RESPONDENT: --------------------- SMT.K.PADMADEVI,LEKSHMI KRISHNA, PUTHEN CHANTHAI,THIRUVANANTHAPURAM – 695 036. BY ADV. SRI.C.KOCHUNNY NAIR SRI.DALE P.KURIEN THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ALONG WITH ITA.No.14/2001 ON 17/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR & T.R.RAMACHANDRAN NAIR, JJ. ========================= I.T.A.Nos. 3 & 14 of 2001. ========================= Dated this the 17[th] day of January, 2008. C.N.Ramachandran Nair, J. J U D G M E N T In these connected cases the first issue raised with regard to theinclusion of salary income is covered in favour of the assessee by virtueof the amendment introducing Section 158BB(1)(c)(B) withretrospective effect, referred to in the judgment of this Court reportedin Commissioner of Income-Tax v. M.M.Thomas [(2004) 265 ITR327)]. Following the judgment the appeal filed by the Revenue isdismissed. The other issue raised in the appeal filed by the Revenueand the issue raised in assessee's appeal relate to the fixing of value ofthe land sold by the assessee. The question raised pertains to re-fixation of market value as on 1.4.1981 for the purpose of computation I.T.A.Nos. 3 & 14 of 2001. of capital gain. While the officer fixed at Rs.3,000/-, the Tribunal re-fixed the market value per cent on land at Rs.6,000/-. We do not findany question of law arising for consideration from the order of theTribunal because the assessment of market value is only based on factsfound by the Tribunal. We, therefore, dismiss both the appeals on this issue. C.N.RAMACHANDRAN NAIR, JUDGE. T.R.RAMACHANDRAN NAIR, JUDGE. kvs/-