1992 (8) TMI 43

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..... 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 had come from Pakistan. Land was allotted to the so .....

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..... 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 27 or 28 years after the purchase of land. In ou .....

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