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2019 (1) TMI 151 - AT - Income TaxRevision u/s 263 - Income from sale of land - busniss income or capital receipt - In the opinion of the CIT, A.O. had not carried out enquiry related to treatment of the sale price of the said land - Held that:- We are unable to accept this contention that assessing officer had raised a specific query as to why the assessee has treated sale consideration as exempt. The Ld. CIT has also not dealt with the contention that the assessee wanted to establish a water park. Under these facts, we deem it proper to modify the direction of the Ld. CIT and direct the A.O. to make enquiry, whether the assessee had made any efforts to establish a water park on the land in question. Further, the A.O. would also consider contention of the assessee that there was a typographical error in the accounts of the assessee. Assessee's appeal allowed for statistical purposes
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