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TMI Blog2016 (10) TMI 632X X X X Extracts X X X X X X X X Extracts X X X X ..... n sale of plot of land which was originally purchased for construction of administrative building could never be taxed as a business income. The impugned order of the Tribunal is unexceptionable in its reasoning. The grievance of the Revenue by placing reliance upon the Goetze (India) Ltd. (2006 (3) TMI 75 - SUPREME Court) is that no fault can be found with the order of the Assessing Officer in not entertaining a claim in the absence of a Revised return of income. However, this submission overlooks the fact that in Goetze (India) Ltd. (supra), it was clarified that the same does not deal with the power of Appellate Authority to consider a new point of law. In any case, this Court in Commissioner of Income Tax Vs. Pruthvi Brokers and Sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing. It had purchased a plot of land with a view to construct its administrative building. However, during the subject assessment year, the respondent assessee decided not to construct the administrative building. Therefore, it sold the plot of land. The respondent assessee in its return of income had claimed that the sale of plot of land was a sale of capital asset and subject to long term capital gain. However, it had credited the consideration received on the sale of the plot to the profit and loss account. But thereafter, it omitted to reduce it while arriving at its taxable income under the head of business income. In the above view, the Assessing Officer held that the profit / gain on the sale of plot of land is to be assessed as a bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stances, the Assessing Officer in the absence of revised return of income could not decide the same. Therefore, the order of the Assessing Officer could not be faulted with. In support of the aforesaid submission, reliance is placed upon the decision of the Apex Court in Goetze (India) Ltd. Vs. Commissioner of Income Tax, 284, ITR 323. 6. We find that the impugned order of the Tribunal has rendered a finding of fact to the effect that the plot of land is owned by the respondent assessee. This plot was a subject matter of sale during the previous year relevant to the subject assessment year and had always been shown as a fixed asset in its balancesheet. Further, the Tribunal records the fact that the business of the respondent assessee wa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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