TMI Blog2019 (1) TMI 861X X X X Extracts X X X X X X X X Extracts X X X X ..... 2001. He put up a construction of 12 apartments, out of which 8 apartments were sold and 4 apartments were retained for himself. The profits made out of sale of 8 apartments were offered as ‘short-term capital gains’ and the profits made on sale of the land was offered as ‘longterm capital gains’, after claiming exemption to an extent of ₹ 22,50,171/-. The Tribunal on considering the mate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DENT (BY SRI N. MANOHAR, ADVOCATE) RAVI MALIMATH J., JUDGMENT The assessee is an individual who filed his return of income under Section 153C of the Income tax Act, (hereinafter referred to as I.T. Act ) declaring a total income of ₹ 15,12,240/-. An assessment order under Section 143(3), read with Section 153-C of the I.T. Act was completed by assessing the total income at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal, which was allowed. Questioning the order of the Tribunal, the present appeal is filed by the Revenue. 3. Sri. K.V. Aravind, learned counsel appearing for the appellants contends that the order of the Tribunal is erroneous. That the test to determine whether an income would be considered as capital gains or income arising out of business or profession , would arise where a purcha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made out of sale of 8 apartments were offered as short-term capital gains and the profits made on sale of the land was offered as longterm capital gains , after claiming exemption to an extent of ₹ 22,50,171/-. 7. The Tribunal on considering the material on record, was of the view that since the assessee sold the flats for profit in the subsequent period, the said transaction does not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oner of Income Tax (Appeals) to hold that the assessee had purchased the property with an intention of reselling the same for profit. There is no material on record to trigger such a contention. Hence, there is no substantial question of law that arise for consideration in this appeal. 9. For the aforesaid reasons, we are of the considered view that there is no merit in this appeal. Conseque ..... X X X X Extracts X X X X X X X X Extracts X X X X
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