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2004 (10) TMI 28 - HC - Income Tax"Whether, Tribunal was right in holding that there was no adventure in the nature of trade and thereby deleting business income of Rs. 11,87,387 from the income of the assessee?" - Tribunal, arrived at a finding that the assessee continued to remain the owner of the land in question and though she had given the power of attorney in favour of the builder and promoter to start the booking of various flats and to receive sale price, etc., she was to remain responsible for the payments of all rates, taxes, duties, charges, etc., up to the date of registration of the flats in favour of the prospective buyers and the sale deed in favour of the prospective buyers were to be executed jointly by the assessee and the builder and promoter. There was no adventure in the nature of trade so far as the assessee is concerned - Thus it could not be said that the assessee had thrown the land in question into any business as her stock-in-trade - no infirmity in tribunal's finding
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