9911796707
TMI Blog2017 (10) TMI 383X X X X Extracts X X X X X X X X Extracts X X X X ..... that the land had been purchased by the assessee in course of his real estate business and after purchasing the said land within a period of about six months, it entered into an agreement with M/s. Karani Builders on 3.1.1997 for development, sale of land and constructed building thereon. It is also a finding arrived at by the Tribunal that in terms of the said agreement between the assessee-build ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nayak S.Udgata. For the Respondents : Mr. S.K.Acharya (Sr. Standing Counsel for Income Tax Department) ORDER I. Mahanty, J. In the present batch of appeal, challenges have been made to the orders dated 17.6.2004, 28.6.2005 6.9.2006 passed by the Income Tax Appellate Tribunal, Cuttack Bench, Cuttack in ITA No.32/CTK/2004, ITA No.476 (CTK)/2004 ITA No.478/CTK/2005 for the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilder to do the needful. Therefore, the Assessing Officer considered the profit of such sale as business income and not as capital gain . From the impugned orders, it appears that the land had been purchased by the assessee in course of his real estate business and after purchasing the said land within a period of about six months, it entered into an agreement with M/s. Karani Builders on 3.1.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee. 5. Therefore, we find no substantial questions of law arise in the present batch of Income tax appeals and accordingly, there is no merit in the appeals. In such background, we dismiss the appeals affirming the orders passed by the Income Tax Appellate Tribunal, Cuttack Bench, Cuttack. Accordingly, the batch of Income Tax Appeal stands dismissed. - - TaxTMI - TMITax - Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
