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TMI Blog2015 (5) TMI 123X X X X Extracts X X X X X X X X Extracts X X X X ..... years namely 2008-09, 2009-10, etc. The assessee also filed a return of income for the assessment year 2008-09 under the head 'long term capital gain'. Therefore, the Tribunal rightly concluded that the transaction of sale of undivided shares in the land merely started crystallizing from the assessment year 2008-09 onwards and what is important is that the Revenue accepted the stand of the assessee. Therefore, it was clearly a case of change of opinion and it is now well settled that on the basis of the change of opinion, the power under Section 143(3) cannot be invoked. The assessee did not acquire any land for the purpose of development and sale as part of any business venture. She got this property by way of a settlement an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the form of undivided share and that therefore, the income derived therefrom was a business income. The assessee filed objections. However, the Commissioner of Income Tax considered the objections, set aside the assessment and directed the Assessing Officer to treat the income from the property transaction as business income instead of capital gains. 5. As against the said order of the Commissioner of Income Tax dated 7.2.2014, the assessee filed an appeal in I.T.A.No.1081/Mds/2014 before the Income Tax Appellate Tribunal. The Tribunal, by order dated 5.9.2014, allowed the appeal, holding that the assessee was actually a full time student undergoing MBBS course and that she is not indulging in any business activity and it was a case o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 09 under the head 'long term capital gain'. 10. Therefore, the Tribunal rightly concluded that the transaction of sale of undivided shares in the land merely started crystallizing from the assessment year 2008-09 onwards and what is important is that the Revenue accepted the stand of the assessee. Therefore, it was clearly a case of change of opinion and it is now well settled that on the basis of the change of opinion, the power under Section 143(3) cannot be invoked. 11. In so far as the second ground is concerned, it is true that in Raja Rameshwara Rao Bahadur, the Supreme Court held that when a person acquired the land with a view to selling it later after developing it, he is carrying on an activity resulting in profit an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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