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2016 (8) TMI 908 - GUJARAT HIGH COURT

2016 (8) TMI 908 - GUJARAT HIGH COURT - TMI - Sale of land - liable to be taxed as business profit or capital gain - Held that:- It appears from the record that the entire plot of land was purchased way back in 1971 in the name of HUF. Thereafter, necessary permission under the Urban Land Ceiling Act for transferring the land was taken from the District Collector. It further appears that there was no sale of the land in the past except the sale of portion of the said land in the year under app .....

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the order of CIT(A) of declaring the transaction a business adventure since it is a capital gain. - Decided in favour of the assessee. - TAX APPEAL NO. 259 of 2007 - Dated:- 13-7-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MR BD KARIA, ADVOCATE FOR THE OPPONENT : MRS MAUNA M BHATT, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. This Tax Appeal u/s.260A of the Income-tax Act, 1961 is filed against the order dated 23.12.2005 passed by the Income Tax Appel .....

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Y. 200203 declaring an income of ₹ 1,77,050/- . During the course of assessment proceedings, it was noticed that there was a deposit of ₹ 7.00 Lacs in the Savings Account of the assessee on 04.04.2001 and another deposit of ₹ 3,30,650/- on 11.04.2001. When the assessee was called upon to explain the source of these two bank deposits, the assessee claimed the same to be out of sale proceeds of land at Rakhial sold on 08.06.2001 and in support of that he filed the copy of sale de .....

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led appeal before the CIT(A). However, the said appeal was dismissed vide order dated 27.07.2007. Against the said order, the assessee preferred second appeal before the Tribunal. The Tribunal dismissed the appeal of the assessee vide order dated 23.12.2005. Thereafter, the assessee had preferred a misc. application before the Tribunal for rectification of certain observations made by the Tribunal in its order. However, the said application was also rejected, vide order dated 21.07.2006. Hence, .....

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