1999 (7) TMI 21

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..... t the following question, in respect of the assessment year 1992-93, for opinion : "On the facts and in the circumstances of the case, whether the Income-tax Appellate Tribunal was justified in holding that the assessee did not enter into any adventure in the nature of trade and thereafter allowing the claim of the assessee and chargeability of the assessee's income to capital gain and allowabil .....

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..... ial brought on record. In the present case, while holding that the assessee entering into an agreement with the builder to get the multi-storeyed residential units constructed on the plot of land where a single-storeyed house, occupied by the assessee since 1973, existed up to 1989, did not constitute an adventure in the nature of trade, the Tribunal has observed that the entire exercise underta .....

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