Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 1315 - HC - Income TaxCorrect head of income - sale of Non-agricultural land - Long Term Capital Gain OR Business income - engaged in the business of building construction and land developers - land shown in balance sheet as investment - HELD THAT:- Both the CIT(A) as well as the Tribunal have come to a concurrent finding of fact on examination of the record, that 2.10 lakhs sq. mtrs of land has been held by the Respondent as investment. This, it found is evident from the books of account, balance sheet of the Appellant and the treatment given to it in its accounts. This finding of fact was further confirmed by the visit of the Inspector who was deputed by the AO to verify the correctness of the Respondent's claim that the 2.10 lakhs sq. mtr of land was being held as an investment as no construction activity was carried out on the same. The submission made on behalf of the Appellant completely ignores the fact that, it is always open to an assessee to hold the same class of assets as investment and also as stock-in-trade. There is no bar in law for a person dealing in land to also have investment in land. Thus, there is no substance in the above submission. - Decide against revenue.
|