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2021 (1) TMI 222 - AT - Income TaxGain on sale of land - assessee has sold the agricultural land - CIT-A deleted the addition holding that the AO was not justified to consider gain on sale of land as a business income - HELD THAT:- On perusal of the material it is observed that agricultural land purchased by the assessee company was very old purchased in F.Y. 1995-96 and 1996-97 and the same had been treated as fixed assets. The correctness of the aforesaid facts is demonstrated from the audited accounts of the assessee for the financial year 2007-08 and from the findings of the ld. CIT(A) in the appellate order. Assessee has sold the agricultural land as fixed asset in its balance sheet. After perusal of the assessment order, it is observed that without specifically controverting the relevant material and claim of the assessee, the Assessing Officer simply on the basis of memorandum of association has held that income derived from purchase and sale was a business income. No infirmity in the decision of ld. CIT(A). Therefore, this ground of appeal of the revenue is dismissed.
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