TMI Blog2018 (5) TMI 1098X X X X Extracts X X X X X X X X Extracts X X X X ..... the business of development of land. Analysis of the agreements entered by the assessee with the developers suggest that the assessee had at no point of time agreed to take any risk in the process. The conclusion drawn by the CIT [A] as well as the Tribunal are based on factual material. - R/Tax Appeal No. 955 of 2017 With R/Tax Appeal No. 956 of 2017 - - - Dated:- 26-3-2018 - MR. AKIL KURESHI AND MR. B. N. KARIA, JJ. For The Petitioner : Mr Varun K Patel, Advocate For The Respondent : Mr Darshan R Patel COMMON ORDER ( PER : HONOURABLE Mr. JUSTICE AKIL KURESHI) These appeals arise in the common factual background. We may, therefore, refer to the facts from Tax Appeal No. 955 of 2017. Revenue is in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Estate Organizer Pvt. Ltd. for development of its agricultural land in question to agricultural farms and farm houses etc. The same stood annulled in lieu of payment of damages made to the abovestated developer. This followed, another development agreement with M/s. Nirma Chemicals Works Ltd., in the year 2002 as cancelled in 2005. The assessee s last development agreement was with Navratna Organizers Developers Pvt. Ltd. in the year 2006. The project in question was to be named as Kalhar Exotica. The said developer thereafter sold some of the plots after development. This is not the Revenue s case that the assessee had undertaken any risk and responsibility therein in the nature of adventure or trade in all the said episode. Learned Depa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere in the learned CIT(A) s conclusion as extracted in preceding paragraph forming subject matter of challenge in the instant appeal. The Revenue s sole substantive ground as well as its instant appeal ITA No. 1524/Ahd/2014 is declined. Material on record would show that the assessee had entered into multiple agreements to sale with various developers for developing its open land for putting up construction thereon. All these agreements for some reason or the other failed. Having cancelled such agreements, finally, the assessee during the said year, sold six of the open plots. It was on the basis of such facts that CIT [A] and the Tribunal believed that the Assessing Officer was wrong in holding that the assessee was in the business o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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