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2017 (7) TMI 739 - HC - Income TaxIncome from the sale of flat - Business income or capital gain - Held that:- As far as the flat is concerned, the same is acquired in the year 1941 and was held as such since then. It appears that in the year 1984-85, construction permission was obtained by the Assessee. However, the same was abandoned. Even the amount received from the prospective buyers were returned and some who did not come forward to receive the amount, such amount is reflected in the account. The commercial activity which was sought to be undertaken in the year 1984-85 never took of and had to be abandoned because of the order of the Bombay High Court and the commencement certificate was also revoked. Totality of the facts as were discussed by the Commissioner (Appeals) and the Tribunal would show that no error has been committed in treating the income from the sale of flat as long term capital gain. Sale of hoarding, parking and cable video charges - Held that:- As observed that for last 40 years, the same is being shown as business income and the Assessee for all the previous years has accepted the same as business income. There was no reason to deviate for the present year. The evidence in this regard has also been discussed by the Tribunal. Even in respect of trade in bullion, the Assessing Officer for all the previous year has accepted that the Assessee is engaged in business of trading in bullion.
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