9911796707
TMI Blog2010 (10) TMI 847X X X X Extracts X X X X X X X X Extracts X X X X ..... nature of business profit or the capital gain should also be decided afresh by the ITAT which was accepted. - Tax Appeal No. 1 of 2005 - - - Dated:- 25-10-2010 - D.G. Karnik, F.M. Reis, JJ. Porus Kaka, Sr. Adv., with D. Chawla, M.S. Sonak and J. Supekar, Adv., for the Appellant Asha Dessai, Adv., for the Respondent JUDGEMENT D.G. Karnik: 1. Heard learned Counsel for the parties. 2. By an order dated 28th June, 2005, the appeal was admitted on eight substantial questions of law mentioned in the order. In the facts and circumstances of the case and the final order proposed to be passed by us it is not necessary to reproduce all the substantial questions of law mentioned in the order dated 28th June, 2005. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned was a profit in the nature of the business and liable to tax as an income and net capital gain. The decision of the Assessing Officer was confirmed by the Commissioner of Income Tax (Appeals) as well as by the Income Tax Appellant Tribunal (ITAT). Aggrieved by the decision of the ITAT, the appellant filed this appeal which has been admitted by order dated 28th June, 2005. 4. Ms. Asha Dessai, the learned Counsel for the respondents (revenue) submitted that the question whether the profit earned by the appellant was in the nature of business profit or a capital gain would not affect the quantum of tax payable by the appellant in as much as even it is assumed that it was a capital gain as it would be a short term capital gain. She f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of any finding of the fact about the date of registration having been recorded by any of the authorities below, it would be hazardous for us to record any finding as to the actual date of registration. 6. Ms. Dessai, the learned Counsel appearing for the respondents submitted that the date on which the sale deed is actually registered would be the date of the acquisition of the property and in support she relied upon the following decisions: (i) Gobardhan Bar V/s Gunadhar Bar, A.I.R. 1941 Calcutta 78. (ii) Ram Saran Lall V/s Domini Kuer, A.I.R. 1961 SC 1747. (iii) Divvi Suryanarayana Murthy V/s Competent Authority and Anr., (1976) 102 ITR 19 (AP). 7. Per contra, Mr. Kaka, the learned Senior Counsel appearing for the appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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