TMI Blog2019 (6) TMI 304X X X X Extracts X X X X X X X X Extracts X X X X ..... al material. In the opinion of the Court, no substantial question of law is involved, which calls for interpretation. - Decided against assessee. - D.B. Income Tax Appeal No. 31/2019 - - - Dated:- 29-5-2019 - S. Ravindra Bhat,CJ And G R Moolchandani J. For the Appellant(s) : Mr. Gunjan Pathak, Adv. For the Respondent(s) : None ORDER PER : S.RAVINDRA BHAT, CJ 1. This is an assessee s appeal under Section 260A of the Income Tax Act, 1961 contends that the Income Tax Appellate Tribunal (ITAT) has fallen into error; in its impugned order. It proposes a question of law i.e. whether the properties sold were to be excluded from the meaning of capital asset as they were agricultural land as defined by Section 2(14) of the Act of 1961. 2. The relevant facts are that the assessee reported, (for the assessment year 2008-2009) certain sale transactions. His return claimed that the transaction in purchase and sale of agricultural land could not be included in taxable income in view of Section 2(14)(iii) of the Act of 1961; in support of his contention the assessee relied u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sideration and adjudication is whether the transaction of purchase and sale carried out by the assessee during the year under consideration are in the nature of trade and consequently the surplus/gain arising from sale of the lands is in the nature of business income or it is capital gain. The details of purchase and sale of the lands are given by the Assessing Officer in para 2 of the assessment order as under: Sr. No. Name of the seller Date of registration of purchase deed Amount Description of land purchased 1. Ramniwas, Rampal 17/05/2007 ₹ 21,50,200/- Khasra No. 424/5 2 Rambabu Kasana 04/06/2007 ₹ 6,04,900/- Khasra No. 424/5 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 28/05/2007 ₹ 32,30,030/- Khasra No. 825/1/8 14. Ramniwas/Rampal 31/05/2007 ₹ 21,50,200/- Khasra No. 424/5 15 Rambabu 04/06/2007 ₹ 6,04,900/- Khasra No. 424/5 16. Ladi Chittar 09/06/2005 ₹ 10,04,990/- Khasra No. 825/1/3 Sr. No. Name of the purchaser Date of registration of sale deed Amount Description of land sold 1. M/s Grass Field Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pers Pvt. Ltd. 13/07/2007 ₹ 6,14,816/- Khasra No. 448 11. M/s Grass Field Fire Capital Developers Pvt. Ltd. 13/07/2007 ₹ 6,66,250/- Khasra No. 73 12. M/s Grass Field Fire Capital Developers Pvt. Ltd. 13/07/2007 ₹ 21,05,350/- Khasra No. 74 13. M/s Grass Field Fire Capital Developers Pvt. Ltd. 13/07/2007 ₹ 1,33,250/- Khasra No. 75 14. M/s Grass Field Fire Capital Developers Pvt. Ltd. 17/08/2007 ₹ 14,58,571/- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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