TMI Blog2016 (5) TMI 1484X X X X Extracts X X X X X X X X Extracts X X X X ..... agreement was entered into by the Assessee with Vatika Ltd. would not change the nature and character of the land since in terms of the agreement it was the developer who would undertake the work of development upon being paid a fee by the Assessee. It was also observed that although the main object of the Assessee may be to carry on the business of real estate, that would not prevent the Assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... correct in holding that the Assessing Officer ( AO ) and the Commissioner of Income Tax (Appeals) [ CIT (A) ] were not right in treating the income of the Assessee as business income and in accepting the plea of the Assessee that the income should be assessed as capital gain from the sale of land? 3. The Assessee was formed with the main object of dealing in real estate. The Assessee entered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld that a mere fact that a development agreement was entered into by the Assessee with Vatika Ltd. would not change the nature and character of the land since in terms of the agreement it was the developer who would undertake the work of development upon being paid a fee by the Assessee. It was also observed that although the main object of the Assessee may be to carry on the business of real esta ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
