COMMISSIONER OF INCOME TAX, THIRUCHIRAPALLI Vs. R. SETHURAMAN

JUDGEMENT

(1.) The Revenue has come up with the above appeals under Section 260A of the Income Tax Act, 1961, questioning the correctness of a common order passed by the Income Tax Appellate Tribunal in I.T.A.Nos.679 to 684 and 596 and 597(Mds)/2011.

(2.) Heard Mr.J.Narayanaswamy, learned Standing Counsel for the Income Tax Department.

(3.) The respondent is the proprietor of a concern by name M/s.Win Pharma, which is engaged in the business of manufacturing and selling pharmaceutical items in a small scale. It appears that the said concern M/s.Win Pharma was originally a partnership firm comprising of the respondent herein as well as two others as its partners. Therefore, when the concern was carrying on business in partnership, it purchased land of an extent of about 1 acre on 14.12.1978. The land was depicted as the business asset of the partnership firm.