2016 (7) TMI 401

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..... the assessing officer, in assessee’s own case for the assessment year 1990-91, had assessed the profit from similar activity as capital gains. In the light of the above facts hold that the profit from the sale of property, in this shall be treated as capital gain. - Decided against revenue - ITA No. 12 of 2010 - - - Dated:- 15-6-2016 - Girish Chandra Gupta And Asha Arora, JJ. For the Appe .....

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..... s expressed by the CIT(Appeals), which are as follows: The order of the AO, the ground of appeals, the submission made at the time of appeal hearing and the details filed have been considered. It is seen that the appellant purchased the encumbered property in 1985 and declared the same as a capital asset in its books of accounts and since then it has continuously treated it as a fixed asset a .....

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..... s conversion of a capital asset by that person into his stock in trade. In the instant case, there is nothing to suggest that at any stage the assessee converted the property under consideration into its stock in trade. Through the copies of balance sheets as on 31.3.2001, 31.3.2002, 31.3.2003, 31.3.2004 and 31.3.2005 of the assessee, the AR has shown that all along the said property has bee .....

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