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2019 (1) TMI 1987 - AT - Income TaxProfits on sale of land - LTCG - CIT(A) held that the land comprised in the project ‘RMT Phase II’ is a capital asset and the gain out of the sale of the same should be treated as capital gains - HELD THAT:- When we called for the relevant documents, both the parties could not place anything but pleaded on the orders of the lower authorities. However, both of them have agreed that this issue can be remitted back to the AO for a fresh examination. In the facts and circumstances, we deem it fit to remit this issue back to the AO for a fresh examination. The assessee shall place all the materials in its support before the AO and comply to the AO’s requirements as per law. A O is free to conduct appropriate enquiry as deemed fit, but he shall furnish adequate opportunity to the assesssee on the material etc to be used against it and decide the matter in accordance with law for assessment years 2008-09 to 2011-12. The proposal of the AO for enhancement of income to the CIT(A), towards disallowance of expenditure in the activity of breeding horses for assessment year 2008-09, the Ld. DR pleaded on the lines of grounds of appeal extracted. CIT(A) followed the order of this tribunal, supra, we do not find any reason to interfere with his order and hence, the corresponding grounds of the Revenue for assessment year 2008- 09 is dismissed.
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