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2016 (10) TMI 529 - AT - Income TaxCapital gains brought to tax on sale of certain lands claimed to be agricultural lands - Held that:- The contention of AO that he has received full amount cannot be accepted. Even the sale deed indicate separate payments. Therefore, considering the entire amount may not be correct. However, these aspects can again be examined since the nature of ownership itself requires examination. In case assessee has not purchased lands but acquired certain rights by way of AGPA, then whether the transaction result in ‘adventure in nature of trade’ also require further examinations. The issue whether the gain if any is to be assessed as Short Term Capital Gains or Business can be considered on examination of facts. In order to examine the above aspects, we hereby set aside the orders of AO and CIT(A) and restore the entire issue to the file of AO, who should examine all aspects and re-do the assessment based on facts and law. Needless to state that assessee should be given due opportunity in the proceedings.
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