COMMISSIONER OF INCOME TAX Vs. ASHWANI CHOPRA

JUDGEMENT

(1.) This order shall dispose of afore-mentioned four appeals filed under Section 260-A of the Income Tax Act, 1961 (for short 'the Act') arising out of an order passed by the Learned Income Tax Appellate Tribunal, Amritsar Bench, Amritsar in respect of Assessment Year 2007-08. However, for facility of reference the facts are taken from ITA No. 354 of 2011. The Revenue has raised the following substantial questions of law:

(2.) However, we find that the following question of law arises for consideration:

(3.) The said question of law arises out of the fact that during the course of assessment proceedings, the Assessing Officer found that the assessee (Group A) has received compensation from Group B at the time of partition of properties of group of M/s. Hind Samachar Ltd. and that the said amount has been kept in Fixed Deposit Receipts as per the orders passed by the High Court as well as by the Hon'ble Supreme Court. The learned Assessing Officer considered the family settlement and found that 8.56% of Rs. 24 crores of compensation is the share of the assessee (Ashwani Chopra) and consequently, levied long term capital gain on the said amount.