9911796707
TMI Blog2023 (2) TMI 1362X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 260A of the Income Tax, 1961 (the Act) is directed against the order dated 13th April, 2011 passed by the Income Tax Appellate Tribunal, "B" Bench, Kolkata (Tribunal) in ITA No.92/Kol/2010 for the assessment year 2005-06. The appeal was admitted on 16th August, 2011 on the following substantial question of law :- "Whether the learned Tribunal below committed substantial error of l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said land and factory shed was used by the assessee as its workshop and was shown as capital asset in its balance-sheet. Further, the revenue did not dispute the fact that the purchase prices were debited by the assessee under the head 'land account'. On 13th November, 1994 the assessee entered into a development agreement with the developer under which the assessee in exchange of the land in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere was no intention on the part of the assessee to enter into an adventure in the nature of trade to deal in the land as its business. Accordingly, the appeal filed by the department before the Tribunal was dismissed upholding the view taken by the CIT(A). In the light of the cogent reasons assigned by the Tribunal on the undisputed factual position, we find no grounds to interfere with the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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