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TMI Blog2020 (4) TMI 761X X X X Extracts X X X X X X X X Extracts X X X X ..... ADV.) RESPONDENT (By Smt. S.R. ANURADHA, ADV.) JUDGMENT ALOK ARADHE J., In this appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act', for short) which has been filed by the revenue the issue which arises for consideration is whether income from sale of property should be assess under the head of business or capital gains. The appeal was ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 007 and 13.08.2008 respectively. The Assessing Officer by an order dated 30.12.2008 inter alia held that immovable property situate at 16/1, Museum Road, Bangalore, was held as stock in trade and the assessee itself was engaged in the business of construction of Multi Storied Building. The Assessing Officer bought an amount of Rs. 6 Crores under the head 'business income' on substantive basis. Bei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee has filed this appeal. 3. Learned counsel for the revenue submitted that assessee is in the business of purchasing land and putting up commercial buildings thereon and therefore, the same does not fall within the head income from the house property. It is further submitted that the income of the assessee was to carry on the business of letting out the commercial property and carrying out co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x Appellate Tribunal has recorded the finding that the property was held as capital asset and therefore, the same cannot be treated as stock in trade. In support of his submissions, the learned counsel has placed reliance on division bench decision of this court in 'D.R.PUTTANNA SONS PVT. LTD. VS. COMMISSIONER OF INCOME-TAX', 1986 SCC ONLINE KAR 386. 5. We have considered the submissions made on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ck in trade. It is also pertinent to note that the assessee has not claimed any depreciation in any of the Assessment Years while offering rental income as house property income. Thus, the income from the sale of property has been treated as long term capital gain. The aforesaid finding of fact is based on meticulous appreciation of evidence on record and in substance is a finding of fact. In v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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