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2015 (1) TMI 649 - AT - Income TaxSale of four plots - Assessment under the head 'business' / 'adventure' V/S 'Long term Capital Gains' - Held that:- The facts and circumstances of the case made out by the assessee establish that the intention of the assessee for acquiring the aforesaid property was to hold it as ‘Investment’ and not as ‘stock-in-trade’. Therefore, in our view, the CIT(A) made no mistake in holding that the gain on sale of such property is liable to be assessed as income from capital gains and not as a business income. Thus, we affirm the order of the CIT(A) on this issue and accordingly Revenue fails in its appeal. - Decided in favour of assessee. Capital gains on the transfer of land - assessment year selection - Held that:- ‘Transfer’ for the purpose of accrual of capital gains takes place only on execution of the transfer deed by the owner, which in the present case was not done. As find that the instant year is neither the year in which the impugned agreement has been entered into and nor it is the year in which possession has been given or any consideration received. Therefore, we find no justifiable reason with the Assessing Officer to bring to tax the impugned sum in the instant assessment year. Thus, for all the aforesaid reasons, we affirm the conclusion drawn by the CIT(A) and as a result Revenue fails on this aspect also. - Decided against revenue.
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