2002 (2) TMI 33

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..... re and was therefore allowable?" - The facts found by the Tribunal that the land which has been developed and the expenses which are incurred in developing the land, that land has been treated and found by the Tribunal as stock-in-trade. - In view of the finding of the Tribunal, no interference is called for in the order of the Tribunal. - we answer the question that the Tribunal has not committe .....

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..... f Income-tax (Appeals), the Deputy Commissioner of Income-tax (Appeals) has treated this amount as a capital expenditure. In appeal before the Tribunal, the Tribunal held that the expenditure incurred in developing the land, laying down pipe lines, dividing the land into small plots were required to be incurred for the purpose of carrying on the business of selling the stock-in-trade, i.e., the la .....

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