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2016 (1) TMI 253 - ITAT MUMBAITreatment of capital gains as business income - Held that:- There is no dispute that in the Assessment Years 2004-05, 2006-07 & 2007-08 the STCG/LTCG have been assessed as such while making the order under section 143(3) of the Act. We also find that the facts and issues before us are identical to the facts considered in earlier assessment years. Therefore, in our considered opinion on identical set of facts when the law has not changed the Revenue Authorities should not take a different view. This is against the rule of consistency as laid down by the Hon’ble Supreme Court in the case of “Radhasoami Satsang Saomi Bagh v. Commissioner of Income Tax” [1991 (11) TMI 2 - SUPREME Court]. Treatment to all gains from PMS as income from business - Held that:- Respectfully following the decision of the Hon’ble High Court of Delhi (2014 (5) TMI 18 - DELHI HIGH COURT), we direct the AO to treat the gains under the head ‘STCG/LTCG’. - Decided in favour of assessee. Additions made by the AO by treating exempt profit on sale of agricultural land as taxable income - Held that:- Since the population of village Ramshej where the impugned land is situated is only 2929 as per the report of the Tahasildar, in our understanding of law the said land has to be treated as agricultural land outside the purview of the definition of capital asset. We accordingly set aside the finding of the Ld. CIT(A) and direct the AO to delete the addition - Decided in favour of assessee.
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