TMI Blog2018 (4) TMI 1210X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany for development and consideration of the land which was owned by the assessee. Various transactions of such agreement pertain to the negotiation of sale price to be received by the assessee from the payments collected by the company. Tribunal referred to the judgement of CIT vs. Rajkumar [2009 (5) TMI 17 - DELHI HIGH COURT] and held that trade advances made for the commercial transactions w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of ₹ 1,15,48,960/- made on account of deemed dividend u/s. 2(22)(e) of the Act? 2. The first question pertains to the treatment to the proceeds out of sale of land made by the assessee. According to the Revenue, the same should have been treated as a business income as against the assessee's desire that the same should be treated as long term capital gain. The amount involved is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived by the assessee from the payments collected by the company. The Tribunal, therefore referred to the judgement of Delhi High Court in case of CIT vs. Rajkumar reported in 318 ITR 462 and held that trade advances made for the commercial transactions would not be hit by section 2(22)(e) of the Act. 4. We are broadly in agreement with the view of the Tribunal. No question of law arises. Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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