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TMI Blog2019 (11) TMI 1304X X X X Extracts X X X X X X X X Extracts X X X X ..... d 1 November 2007, rendered a finding that the Assessee had purchased the land along with right and whatever be the nomenclature, it was an outright purchase. There was no argument made in the alternative by the Appellant before the Tribunal as sought to be urged before us. It has been the consistent stand of the Appellant that the agreement in question is only a development agreement. In the circumstances, the issue being a question of fact, question (a) does not give rise to any substantial question of law. Valuation of the gala to the valuation officer as per section 50C(2) - HELD THAT:- As regards this question, we do not find that any submission made before the Tribunal in this regard. There is no submission nor any ground taken ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant has urged the following questions of law which, according to the Appellant, are substantial questions of law: (a) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in confirming the order of CIT(A) in assessing the income from the sale of gala as capital gains under section 45 of the Act instead of business income under section 28 of the Act as claimed by the Appellant? (b) Without prejudice to the above, whether on the fact and in the circumstances of the case the Tribunal ought to have directed the Assessing Officer to refer the valuation of the gala to the valuation officer as per section 50C(2) of the Act? (c) Whether on the facts and in the circumsta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue of the sale of gala in question as per the stamp duty valuation. Accordingly, the Assessing Officer passed the order on 19 March 2013. The Appellant- Assessee, thereafter, filed an appeal before the Commissioner of Income Tax (Appeals) who, by an order dated 30 September 2014 dismissed the appeal. Thereafter the Appellant- Assessee filed an appeal to the Income Tax Appellate Tribunal which was dismissed by the impugned order. As regards Question (a): 4. On the first question as to whether the income from the sale of gala is to be treated as short-term capital gains or business income, the contention of the learned counsel for the Appellant is that what is material to be seen is the intention of the Appellant- Assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w. As regards Question (b) : 5. As regards this question, we do not find that any submission made before the Tribunal in this regard. There is no submission nor any ground taken in the appeal memo before the Tribunal that the Assessing Officer should have referred the valuation of gala to the Valuation Officer as per section 50C (2) of the Act. Hence, the question as proposed cannot be considered. As regards Question (c): 6. The learned counsel for the Appellant, on this question, submitted that the Appellant had established genuineness of the expenses to be included in the cost of construction of gala which ought to have been allowed as business expenditure. It was contended that merely be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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