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2015 (1) TMI 1382 - AT - Income TaxTreating the profit on sale of land as business income - nature of income - Held that:- In the earlier years when parts of land were sold the AO had accepted that profit arising out of the transaction had to be assessed under the head LTCG. It is not that the earlier AO.s. had not applied their minds to arrive at the conclusion of taxing the income under as LTCG. AO.s. had for three AY.s. had reached to the conclusion that income accrued to the assessee was not income from business. While deciding the issue for the year under consideration the AO has not mentioned that there was material change in the facts or legal position as far as selling of portion of plot of land is concerned. In absence of such categorical finding, he should not have disturbed the finding given by his predecessors. Where a fundamental aspect continuing during the different assessment years has been found as a fact one way or the other and the parties have allowed that position to be sustained by not challenging the order, it would not at all be appropriate to allow the position to be changed in the subsequent years. FAA was not justified in confirming the order of the AO and holding that the incoming arising out of sale of plot of land was to not be assessed as LTCG - Decided in favour of assessee
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