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2016 (7) TMI 401 - CALCUTTA HIGH COURT

2016 (7) TMI 401 - CALCUTTA HIGH COURT - TMI - Profit on sale of property - Nature of income - Business income v/s capital gain - Held that:- All along the said property has been held by the assessee as its capital asset and at no stage it was converted into its stock in trade. On similar set of facts and circumstances, the assessing officer, in assessee’s own case for the assessment year 1990-91, had assessed the profit from similar activity as capital gains. In the light of the above facts hol .....

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ate Tribunal B Bench, Kolkata in ITA No.620/Kol/2009 pertaining to the assessment year 2005-06. The revenue has come up in appeal. The question formulated at the time of admission of the appeal is as follows:- Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal erred in law in upholding the order of Commissioner of Income Tax (Appeal) in treating the business income of ₹ 1,40,83,176/-. The learned Tribunal agreed with the views expressed by the CIT(A .....

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e joint venture agreement and was sold in the year 1989-90. The income therefrom was accepted and assessed as long term capital gain by the AO. Even after that there was no change in the nature of property and it was never changed from assets to stock-in-trade in the Balance Sheet. Block B , income from which is the subject matter of the present appeal was also sold under the similar mode of joint venture agreement. Section 45(2) of the Act provides for a situation where the owner of a capital a .....

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