TMI Blog2009 (7) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... be not from capital gain but from business, by treating the sale to be adventure in the nature of trade – CIT (A), ITAT answered in favor of assessee by following the decision of Supreme Court in the matter of Raja Bahadur Kamakhya Narain Singh Vs. CIT [2008 -TMI - 6192 - SUPREME Court] – Held that it was not business of assessee to purchase and sell the land and having regard to all the circumst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sale of land shown by the assessee was not an adventure in the nature of trade, even when the facts of the case indicate that the transaction of land was an adventure in the nature of trade. (ii)Whether on the facts and in the circumstances of the case, the ITAT is legally justified in confirming the action of the Ld. CIT (A) regarding adoption of market value of land at Rs.200/- per sq. yard as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... khya Narain Singh Vs. CIT, (1970) 77 ITR 253. 3. Finding of the CIT(A) was upheld by the Tribunal. The finding of the Tribunal is as under:- "There is no dispute to the fact that the assessee is running a brick kiln and the land was acquired as a capital asset over a period and the same was shown by the assessee in the balance sheet. The part of the land was got refilled in the year 2001 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a of the revenue because the assessee was not the property dealer and secondly the land was purchased for running the brick kiln and the land was sold to pay off the tax liabilities and dealing in land is not the business of the assessee or sale thereof. Therefore, we are in agreement with the conclusion drawn by the Learned First Appellate Authority. Therefore, the direction to the Assessing Of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be raised cannot be held to be substantial question of law. 7. As regard question (ii), the said question can also be not held to be substantial question, as the CIT (A) as well as the Tribunal have on appreciation of evidence reached the finding of fact about the rate. 8. We, thus, do not find that any substantial question of law arises. 9. The appeal is dismissed. - - TaxTMI - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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