TMI Blog2022 (6) TMI 1369X X X X Extracts X X X X X X X X Extracts X X X X ..... red his right to Unitech there is no transfer of any right in title or interest in stock in trade during the year under consideration and hence no income accrues to the assessee we, therefore, decline to interfere with the findings of the CIT(A). The appeal filed by the revenue is accordingly dismissed. - ITA No.4997/Del/2010 - - - Dated:- 16-6-2022 - SH. N. K. BILLAIYA, ACCOUNTANT MEMBER AND SH.YOGESH KUMAR US, JUDICIAL MEMBER For the Appellant : Sh. Surender Pal, CIT (DR) For the Respondent : Sh. Ashok Khurana, CA ORDER PER N. K. BILLAIYA, AM: This appeal filed by the revenue is preferred against the order of the CIT(A)-1, New Delhi dated 13.08.2010 for A.Y. 2007-08. 2. The grievance of the revenue re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the appeal. 3. Representatives of both the sides were heard at length. Case record carefully perused. 4. Briefly stated the facts of the case are that in the notes to the accounts of F.Y. 2005-06 of the assessee, it is mentioned that out of 221.13 acres of land the company has revalued 158.04 acres of land and the same has been converted from fixed assets to stock in trade and shown in the current assets. It was also mentioned that land pertaining to villas and other activities are revalued and are considered as stock in trade while the land pertaining to the Golf course is not revalued and considered as a capital asset. 5. During the course of the scrutiny assessment proceedings the AO came to know that the assessee and Unite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred in invoking the provisions of section 45 (2) of the Act. 8. After considering the facts and the submissions the CIT(A) was of the opinion that no consideration is determined for such agreement and there is no intention of the assessee to make this agreement as agreement to sale of such land. It is only after marketing and finding prospective buyer of the piece of land the sharing of the revenue shall accrue as per the agreement. The CIT(A) was convinced that pass only an agreement to develop and market the project and the agreement is irrevocable in case the other party does not fulfill the terms and conditions as per agreement and is not able to market the project successfully within the agreed time framed. The CIT(A) further obs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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