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2015 (5) TMI 1204 - AT - Income TaxCharacterization of income - profit from sale of land - assessee was engaged in the business of real estate development - whether asset referred was agricultural land? - As per DR there was no agricultural activity on the said land and assessee is in the real estate business individually or through companies - HELD THAT:- It is a fact that the assessee purchased a land in individual capacity from Shri Sitaram Meena and Shri Ramu Jat as agricultural land on agreement to sale. Thereafter the assessee had sold this land to GFFR on agreement to sale as per Section 2(47) of the Act. The NA was got done by GFFR in both the cases. Thereafter land was transferred to M/s Grass Field Fire Capital Developers Pvt. Ltd. The land was beyond 8 kms from the municipal limit which has not been controverted by the ld DR as well as by the ld Assessing Officer. The ld CIT(A) had given detailed findings on it. The assessee claimed this gain on transfer of these lands as exempted. As the use as per land revenue record was agricultural land. Thereafter GFFR has disclosed the income on transfer of this land to M/s Grass Field Fire Capital Developers Pvt. Ltd.. The assessee had purchased these lands for investment not for trading. The frequency of transactions showed that the assessee was not in trading of land. The land transaction of village Khatwad was not even pertained to year under consideration. Therefore, we confirm the order of the ld CIT(A). - Decided against revenue.
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