TMI Blog1991 (4) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that the surplus of Rs. 44,824 received from sale of plots was not assessable as income from an adventure in the nature of trade ?" The assessee is a railway employee. The assessment years concerned are 1971-72 and 1972-73. The assessee's father gifted a piece of land to the assessee un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icer was affirmed in appeal by the Appellate Assistant Commissioner. On further appeal, the Tribunal took the view that the activity undertaken by the assessee is so minimal that it cannot be said, in the circumstances, that the assessee had embarked upon an adventure in the nature of trade. The Tribunal pointed out that the land in question was not purchased by the assessee but was received by hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t has not shown that the assessee had laid roads or provided any other amenities before selling the plots. In the circumstances, we are of the opinion that the finding of the Tribunal is a correct one and there are no grounds to interfere with the said findings. It is evident that the surplus will be assessed as capital gain as declared by the assessee himself. Accordingly, the reference is answ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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