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TMI Blog2019 (5) TMI 1272X X X X Extracts X X X X X X X X Extracts X X X X ..... erein it is stipulated that appeals shall not be filed/pursued by the Department before the High Court in cases where the tax effect does not exceed RS.50 lakhs. In the instant case, the tax effect is said to be less than the monetary limit imposed and therefore, the Tax Case filed by the Revenue is dismissed as not pressed, keeping open the substantial questions of law for determination in an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Thirupathy are not assessable as business income when the land was sold after dividing them into plots? ii) Whether, in the facts and circumstances of the case, the Tribunal was right in holding that the sale proceeds of the land cannot be subjected to long term capital gains tax? iii) Whether, in the facts and circumstances of the case, the Tribunal was right i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the assessing officer and the assessee had taken such plea before the CIT(A) for the first time? vi) Whether, in the facts and circumstances of the case, the Tribunal was right in holding that the assessing officer had considered the letter of the assessee wherein it was stated that the long term capital gains reported in its return may be treated as Nil? 2. Wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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