9911796707
TMI Blog2002 (11) TMI 86X X X X Extracts X X X X X X X X Extracts X X X X ..... is directed against the order dated March 14, 2001, passed by the Income-tax Appellate Tribunal whereby the appeal filed by the Department was partly allowed. Two issues were raised before the Tribunal. The first issue relates to the computation of profit on the sale of plot which had been assessed by the assessing authority as adventure in the nature of trade whereas the Commissioner of Income-t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome arising from trade. Feeling aggrieved by this order the assessee filed an appeal before the Commissioner of Income-tax (Appeals) who allowed the same by his order dated November 8, 1994, holding that the land had not been purchased by the assessee but the same was acquired by virtue of a will from her late husband. It was further held that the land had been sold in parts because the area was h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income-tax Act, 1961 (for short "the Act"), and observed that a particular activity can constitute business only if it is continuous. Since there was no continuous activity in regard to the sale the Tribunal held that it was not business income and that the income derived from the sale of land could be taxed only under the head "Capital gains". Hence, the present appeal. We have heard the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sold in one go. Such an activity, in our opinion, cannot amount to trade or business within the meaning of the Act. Both the Commissioner and the Tribunal have followed the correct principles of law and no factual or legal error could be pointed out by the Department. In this view of the matter, we are of the opinion that no substantial question of law arises from the order of the Tribunal so as t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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