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2014 (5) TMI 6 - ITAT AHMEDABADSale of land – LTCG or Business income – Held that:- The CIT(A) rightly was of the view that the transaction of sale of plots is an independent transaction of sale of capital asset and, is to be taxed as income from capital gains - the proceeds from sale of proportionate land, FSI being the same value as on the date of conversion is also to be taxed as capital gains - the income from sale of capital asset being invested in the bonds as per the provisions of section 54EC - CIT(A) after considering the submissions of the assessee has given a factual finding that the land was inherited by the Assessee and in 1987 the Assessee had subdivided the plots and obtained necessary permission from municipal authorities - The Assessee had thereafter retained the plots for many years and therefore the act of Assessee in selling the same cannot be treated as business income – Revenue could not controvert the findings of CIT(A) nor has brought any material in its support – thus, the order of the CIT(A) upheld – Decided against Revenue.
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