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TMI Blog1996 (12) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... court under section 256(1) of the Income-tax Act, 1961 : " (1) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that out of the interest of Rs. 1,09,492 interest pertaining to this year alone was liable to be included in the assessment ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Land Acquisition Act, 1894, on December 11, 1948, the District Collector, Agra, acquired a part of the land, possessed by the assessee, admeasuring 1,835 acres for the purpose of construction of a railway siding at Firozabad. The possession of this land was taken on May 26, 1949, from the assessee and a total compensation to the tune of Rs. 83,700 was awarded to the assessee. The Income-t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (CA) as follows : " The determining factor must be the nature of the trade in which the asset is employed. The land upon which a manufacturer carries on his business is part of his fixed capital. The land with which a dealer in real estate carries on his business is part of his circulating capital. The machinery with which a manufacturer makes the articles that he sells is part of his fixed capi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In CIT v. Bombay Burmah Trading Corporation [1986] 161 ITR 386, the Supreme Court said with perspicacity : " It is, therefore, necessary as mentioned hereinbefore, to examine whether the acquisition of forest leases by the assessee were acquisition of capital assets. Though we will refer to some of the decisions to which our attention was drawn and which were referred to by the High Court, it is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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