2018 (1) TMI 899
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....the common following questions of law for our consideration : (a) Whether on the facts and in the circumstances of the case and in law, the Income tax Appellate Tribunal was justified in accepting the claim of the assessee that income of the assessee from the sale of the plots is assessable as income from business instead of capital gain as held by the Assessing Officer and upholding the deletion of addition of made by the Assessing Officer on account of capital gains? (b) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in accepting the claim of the assessee about the conversion of ancestral land into stock in trade in 1999 and incurring of huge expenditure for development of the land an....
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....as urged by the Revenue. 4. It is the case of the Respondent Assessee that his capital asset i.e land was converted into the stock in trade in the year 1999. This is inter alia disputed by the Revenue as is evident from question (b) above. Alternatively, the Revenue had urged before the Tribunal that even if, it is accepted that the capital asset has been converted into the stock in trade in 1999, the issue of taxing under Section 45(2) of the Act would arise as urged before us as question (d) above. 5. It is an agreed position between the parties that though this issue under Section 45(2) of the Act was urged before the Tribunal, the same was not ruled upon. In the above view, the Revenue moved a Miscellaneous Application under Section 2....
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....nue nor the Assessee is aggrieved by the order dated 1 January 2018 passed by the Tribunal remanding the issue to the Assessing Officer. 8. In the above view, Question (d) as raised in the Appeal Memo would not arise for consideration, at this stage, as by the impugned order dated 1 January 2018, the Tribunal has restored this issue to the Assessing Officer for fresh determination. In the normal course, other questions raised in the Appeal by the Revenue could be considered by us, as none of the parties are aggrieved by the order dated 1 January 2018 of remand to the extent of applicability of Section 45(2) of the Act. However as pointed out by the Revenue, Question (b) as raised in the Appeal Memo has challenged the finding of conversion ....