TMI Blog1984 (2) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... tions sought to be raised are set out in paragraph 5 of the application. The Tribunal has found that tinder a resolution dated March 14, 1960, the assessee purchased a plot of land at Borivali admeasuring 45,533 square yards for a sum of Rs. 1,21,009. Though the purpose for which the land was purchased was not mentioned in the resolution, the assessee had applied to the Municipal Corporation of Gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come of the assessee was reduced from the profit of Rs. 6,73,225 in 1962-63 to a loss of Rs. 2,38,809 in 1972-73. This was on account of the fact that several other selling agents were appointed by the Tata Group of Mills. The assessee, therefore, sold four plots in the calendar year 1972 and two more plots in the subsequent year 1973. In the order of the Commissioner of Income-tax, it is mentio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. It cannot, therefore, be said that there was no evidence in support of the Tribunal's finding. Since this is a solitary transaction of purchase of land, the burden would be on the Department to show that this was an adventure in the nature of trade. In our view, the finding of the Tribunal cannot be said to be without evidence or perverse. Accordingly, the rule is discharged with costs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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