1992 (8) TMI 43

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ances of the case, the Income-tax Appellate Tribunal was correct both on facts and in law in directing the Assessing Officer to treat the income of the society from sale of plots to outsiders under the head 'Capital gains '?" In our opinion, no question of law arises for the simple reason that the respondent was a society which was set up in 1947 for the purpose of rehabilitating the refugees who .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... supports the case of the respondent before us. It was held in Trivedi's case [1988] 172 ITR 45 that there has to be an intention to trade at the time of purchase and the onus of establishing it is on the Revenue. In the present case, the purchase was made in 1947 and we are concerned here with sales in the previous years relevant to the assessment years 1975-76 and 1976-77, that is to say, nearly .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X