TMI Blog2018 (8) TMI 1319X X X X Extracts X X X X X X X X Extracts X X X X ..... to individual buyers. In view of the concurrent factual finding recorded by the Assessing Officer, CIT(A) and ITAT, in our view, no question of law much less any substantial question of law does arise for consideration by this Court. Tribunal is the final fact finding authority on the subject. - D.B. Income Tax Appeal No. 238/2018 - - - Dated:- 13-8-2018 - MR. MOHAMMAD RAFIQ AND MR. GOVERDHAN BARDHAR JJ. For Appellant(s): Shri Gunjan Pathak For Respondent(s): Judgment This appeal has been filed by assessee-Mahaveer Yadav challenging the order passed by the Income Tax Appellate Tribunal (for short-`ITAT ) dated 27.02.2018 in his appeal. The Tribunal by the aforesaid order dismissed the appeal and upheld the order da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT vs. Suresh Chand Goyal-(2008) 298 ITR 0277 (MP), CIT vs. A.Mohammed Mohideen-(1989) 176 ITR 0393 (Mad.), CIT vs. MLM Mahalingam Chettiar-(1977) 107 ITR 0236 (Chennai), CIT vs. Shashi Kumar Agrawal-(1992) 195 ITR 0767 (All.) and submitted that the appellant had no intention to enter into any kind of adventure in the nature trade or commerce and sold his share in the agricultural land to earn maximum profits only. The land sold by the appellant is in the nature of capital asset acquired by him as inheritance on the demise of his father and is not held by him as stock in trade. We have heard learned counsel for the appellant and perused the material on record. The Tribunal dismissed the appeal upholding the findings recorded by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evident from the registered sale deeds and the stamp duty paid on such sale of residential plots. It was therefore held that all these facts taken together shows clearly that the assessee has taken affirmative steps and actions where he has converted his agricultural land into residential stock-in-trade of his business of selling the plots of land for earning profit. The very nature and purpose of the agriculture land has been changed and the Tribunal therefore upheld the findings recorded by the CIT(A) that such change is an irreversible change where the very nature and purpose of the land has been changed from agriculture to residential. The Tribunal held that it is not a case that the buyers have acquired agriculture plots and subseq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he subject. We may in this connection refer to judgement of the Supreme Court in Vijay Kumar Talwar vs. CIT(A)-(2011) 1 SCC 673 wherein the Supreme Court noted that the High Court refused to interfere with the order of Tribunal holding that no substantial question of law is involved. The Supreme Court held that the conclusion of the Tribunal to the effect that the assessee has failed to prove the source of the cash credits cannot be said to be perverse, giving rise to a substantial question of law. The Tribunal being a final fact finding authority, in the absence of demonstrated perversity in its finding, interference therewith by this Court is not warranted. In the result, the appeal is dismissed. - - TaxTMI - TMITax - Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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