Avadesh Prakash, whose court martial proceedings in Guwahati got over Friday, was held guilty on three counts, including misuse of official position.
He is likely to be sentenced in the case today itself.
The scam involved transfer of 71 acres of land adjacent to Sukna military station in West Bengal.
The Army had in January this year punished another senior officer and former 33 Corps Commander Lt Gen PK Rath in the same case and had awarded punishment involving loss of seniority and some part of his pension.
Both Avadesh Prakash and Rath had been earlier indicted by a court of inquiry constituted by the Army in 2010.
The scam dates back to 2008 when the alleged move to transfer the land in Siliguri district of West Bengal to a private educational trust came out in the open, leading to the Army initiating the disciplinary proceedings against senior Army officials, including Avadesh Prakash and Rath.
Though the then Army Chief General Deepak Kapoor wanted to let off Avadesh Prakash lightly with just an administrative action, Defence Minister AK Antony had intervened and ordered his court-martial.
