2013 (12) TMI 1421

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..... ing substantial question of law:    "Whether the Tribunal was correct in treating the income of the assessee under the head "income from capital gains" instead of "income from business" includes adventure in the nature of trade vide Section 2(13) of the Income Tax Act?" 2. The assessee acquired a plot of land with an old house in it measuring 43.5 cents in Anegundi, Bijai, Mangalore on .....

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..... long term capital gain claimed by the assessee. Aggrieved by the said order, the assessee preferred an appeal before the Income Tax Commissioner (Appeals). The Commissioner of Income tax set aside the order of the Assessing Authority and treated the income as a long term capital gain. However, he also held that the assessee has to offer trading amount for transfer of the and on the date of execut .....

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..... al gain, which case was accepted by the Appellate Authority. Therefore, the Revenue neither before the Assessing Authority nor before the First Appellate Authority claimed it as business income. Therefore, for the first time, before the Tribunal without any factual foundation, the said contention could not have been raised. The Tribunal is justified in declining to entertain the appeal on that gro .....

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