TMI Blog2001 (9) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing two questions to this court at the instance of the assessee for the assessment years 1966-67 to 196970 : "1. Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in holding that the reopening of the assessments fell under section 147(a) and not under section 147(b) of the Income-tax Act, 1961, and, therefore, were not barred by the limitation? 2. Wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the compensation payable for the compulsory acquisition of her lands situate within the limits of Visakhapatnam Municipality are to be assessed under the head 'Capital gains' and not under the head 'Income from business?" Although the assessee was served with notice, she remains unrepresented. Therefore, there is no need to opine on those two questions referred to us at the instance of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... layout prepared. (d) She purchased the lands fully aware of the acquisition proceedings concerning those lands, the real object being to get profit out of the acquisition proceedings as borne out by the subsequent events. The Tribunal referring to the grounds stated by the Income-tax Officer to hold as above has opined that though the assessee purchased the land in question with an intention t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee after purchase of the land did not resort to any action or acts from which it could be concluded that the assessee acquired the land as a venture in trade or business. This conclusion is reached by the Tribunal on the ground that after purchase, the assessee had not developed the land into house sites, the assessee did not prepare and submit any lay-out to the municipality for approval, sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 35 ITR 594 (SC) are of no help to the Revenue as they are distinguishable on facts. Despite service of notice, the assessee remains unrepresented. Therefore, we decline to answer the questions referred to this court at the instance of the assessee and we answer the question referred at the instance of the Revenue against the Revenue and in favour of the assessee. No cost. R.C. is disposed of ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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