TMI Blog2010 (2) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... en dealing with the purchase and sale of property on behalf of his wife and the assessee herself is a share holder in the company known as Ghai Estate Developers Ltd. which is engaged in the business of sale and purchase of property. Therefore the Tribunal found that it would be unreasonable to hold that the statement of the husband of the assessee made in his capacity as her husband was not binding especially when she was fully aware of such statement - held that - It has been found as a fact that merely because the assessee was engaged in the business of buying and selling of property in the name of the company would not result into an inference that she would not held some property as investment in her own name by keeping in view the fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2.2005 (A.2). According to the CIT(A), the findings of the Assessing Officer that profit on sale and purchase of property could not have been charged to tax as long term capital gain on the basis of statement made by the husband of the assessee Shri Kuldip Singh Ghai. The aforesaid statement was recorded by the Deputy Director Investigation, Ludhiana on 23.4.2001. The basis of the aforesaid finding is that the statement made by the husband of the assessee was never confronted to the assessee nor any show cause notice was issued to her to the effect that she was actually engaged in the frequent sale and purchase of property as business. Accordingly it has been found that principles of natural justice stood violated. The Revenue approached ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the business of buying and selling of property in the name of the company would not result into an inference that she would not held some property as investment in her own name by keeping in view the fact that most of the property had been held by the assessee for the last ten years and that there was no frequent purchase/ sale of the property made in her individual name. Therefore, the intention with regard to transaction of sale and purchase of property has been ascertained in accordance with law which is necessarily a finding of fact which cannot be gone into. It would not constitute a substantive question of law warranting admission of appeal. Therefore, no question of law much less a substantive question of law would arise for dete ..... X X X X Extracts X X X X X X X X Extracts X X X X
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