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2013 (5) TMI 75 - ITAT NAGPURSale of lands - Business income or capital gains - adventure in the nature of trade - Held that:- It is a fact that sale proceeds of plots of land situated in Municipal Area have been taxed under the head Short Term capital gains by the AO. If the said transaction was not assessed as an adventure in nature of business how the sale of agriculture land can be assessed as business income. It is also a fact that income from the plots in question has been assessed as agricultural income by the AO for the AY under consideration. Similarly, the factum that pieces of land were shown as agricultural land in Revenue records even after the sale has not been challenged by the AO. Condonation of delay - held that:- AO has not filed any affidavit along with the condonation-application, though the note sheet talks of filing of an affidavit if necessary, as stated at paragraph No.5 of our order - In our opinion sufficiency/reasonableness of cause is totally missing in the case under consideration - Decided against the revenue.
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