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2021 (7) TMI 287 - AT - Income TaxCorrect head of income - profits arisen from the sale of land constitutes “Capital Gains” or “Business Income - HELD THAT:- In the instant case, undisputedly, the intention of the parties apart from the treatment given in the books of accounts i.e., as investments, there is no material brought on record by the assessing authority to indicate that the land was purchased by the assessee with an intention to resale for profit. On the other hand, the intention of the parties clearly demonstrated in the form of treatment given in the books of accounts. There is nothing on record to infer the contrary and the facts of the present case are identical to the case of Baguio Investments Pvt Ltd [2013 (1) TMI 812 - BOMBAY HIGH COURT] wherein has confirmed the findings of the Tribunal that the land forms part of the investment and the land was held for a period of 10 years - decision of the order of Ld.CIT(A) is based on the proper appreciation of the facts and in consonance with the settled position of law. Therefore, we do not find any reason to interfere with the findings of Ld.CIT(A) that the profits arising on sale of land should be assessed as Capital Gains. Undisclosed consideration should be assessed as part of the sale consideration of land and the findings of CIT(A) is based on the consideration of material evidence like there is an established link between the transaction of sale of land to the MCA and grant of Corporate Boxes in the Cricket Stadium - Findings of Ld.CIT(A) is also based on the material on record and we do not find any material on record contrary to the findings of the Ld.CIT(A). Thus, this ground of appeal also stands disallowed.
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