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TMI Blog2018 (1) TMI 899X X X X Extracts X X X X X X X X Extracts X X X X ..... ual determination with regard to the directions made by the Tribunal in paragraph 8 of its order dated 1 January 2018. - Income Tax Appeal No. 1562, 1379, 1563 of 2014 - - - Dated:- 9-1-2018 - M. S. Sanklecha And Riyaz I. Chagla, JJ. Mr. P.C. Chhotaray, for the Appellant Mr. Sudhir Mehta, a/w Ms. Ishita Shah, a/w Mr. Kiran Mohite, i/b Ishita Bhagat Co., for the Respondent ORDER 1. These Appeals under Section 260A of the Income Tax Act, 1961 ( the Act for short) challenge the common order dated 29 November 2013 passed by the Income Tax Appellate Tribunal ( Tribunal for short). These three Appeals relate to the assessment year 2003-04, 2006-07 and 2007-08. 2. All these three appeals raise the common following ques ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts and in the circumstances of the case and in law, the Tribunal was justified in not holding that, in case the claim of conversion of capital asset of the assessee into stockintrade is accepted, capital gains were taxable in the hands of the assessee under Section 45(2) of the Act? (e) Whether on the facts and in the circumstances of the case and in law, the order of the Tribunal is perverse, as no reasonable person, acting judicially and properly instructed in the relevant law could arrive at such a finding on the evidence on record? 3. The basic issue raised in the present Appeal is, whether the income of the Assessee from sale of plots is assessable as income from business as urged by the Assessee or as capital gains as urged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 45(2) of the Act and restore the same to the file of the Assessing Officer for limited purpose of applying the provisions of section 45(2) of the Act in the hands of the assessee. The assessee is free to furnish any information and explanation to support its case. After affording adequate opportunity of being heard to the assessee, the Assessing Officer may take appropriate decision in accordance with law. (emphasis supplied) 7. In the above facts, the impugned order of the Tribunal stands rectified/modified to the extent that the issue with regard to the applicability of Section 45(2) of the Act has been restored to the Assessing Officer for fresh consideration. We are informed by counsel for the parties that neither th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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