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2017 (9) TMI 971 - HC - Income TaxIncome from sale of land - business income or capital gain - nature of land - cost of the land determined proportionately - Held that:- We do not see how the Tribunal can be faulted. The Tribunal has recorded that the assessee was holding 50.16 acres of land, out of which 27.44 acres of land is the subject matter of the MOU dated 27the December, 2007. The remaining land aggregating to 22.72 acres has been converted by the assessee as capital asset, that is subsequent to the impugned transaction. It is in these circumstances and when the total cost of the land has been determined proportionately that all the questions, and particularly whether the impugned transaction relates to transfer of stock-in-trade or capital asset, have been answered in favour of the assessee and against the Revenue. To our mind, when the written documents were perused and with the corroborating materials, the Tribunal rightly concluded that the impugned transaction relates to the business of the assessee and is to be assessed as such under the head “profit and gains of business and profession”. The Tribunal being empowered by law to undertake that exercise, has performed it's duty. We do not see how in such background can the Tribunal's view be termed as perverse or it's order termed as vitiated by any error of law apparent on the face of record. No substantial questions of law. - Decided against revenue.
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