1981 (12) TMI 50

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ed the appeal. Further, I have considered the relevant facts and circumstances, the material on record and the rival submissions. 2. The dispute is about charging income determined at Rs. 30,000 as the assessee's income from an adventure in the nature of trade. It relates to the sale of a plot of land by the assessee and his brother who were co-owners of the plot of the land. It is common grou .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... red to the name of the assessee(s), that an attempt was made to sell it soon after the assessee (s) was committed to purchasing it and that most of the purchase price was paid out of the sale proceeds. I am also conscious that there is nothing to support the stand of the assessee (s) that the land was purchased for constructing a house for his residence. 4. On the other hand, it is well-settle .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... at the consequence is that no income at all from the sale of the land would be includible in the total income. The income, if any, may be chargeable as a capital gain, unless it is found, e.g., that it was exempt or the relevant allowable expenditure exceeded the sale proceeds, etc. I direct that the income, if any, shall not be charged under the head "business", but, at the same time, I make it c .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X