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TMI Blog2021 (1) TMI 222X X X X Extracts X X X X X X X X Extracts X X X X ..... ed asset in its balance sheet. After perusal of the assessment order, it is observed that without specifically controverting the relevant material and claim of the assessee, the Assessing Officer simply on the basis of memorandum of association has held that income derived from purchase and sale was a business income. No infirmity in the decision of ld. CIT(A). Therefore, this ground of appeal of the revenue is dismissed. - ITA No. 1511/Ahd/2018 and Cross Objection No. 73/Ahd/2019 in ITA No. 1511/Ahd/2018 - - - Dated:- 16-12-2020 - Rajpal Yadav, Vice President And Amarjit Singh, Member (A) For the Appellant : Shaurya S. Shukla, Sr. D.R. For the Respondents : Nupur Shaha, A.R. ORDER Amarjit Singh, Member (A) This re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed income from capital gain and interest. The assessee had shown two types of income viz. profit on sale of land ₹ 8,51,987/- and interest received of ₹ 8,73,389/-. It is further noticed that assessee had claimed long term capital gain exemption of ₹ 5,06,968/- being profit on sale of agricultural land and long capital gain of ₹ 3,45,019/- being profit on sale of agricultural land. It was noticed that the said profit on sale of agricultural land was derived from 15 transactions of sales during the year. The ld. CIT-2 observed that selling of agricultural land was the business of the assessee therefore income of the assessee required to be treated as business income in respect of profit arising on sale of land and inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted the income under the head capital gain on the basis of supporting evidences filed by the assessee. The ld. CIT(A) has also stated that the Hon'ble Supreme Court in the case of Sultan Brothers has held that the intention of the assessee is or to decide the nature and character of the income and merely because memorandum of association contains words purchase and sale does not mean that appellant is dealing in land. Further, the memorandum also contains the work to own and to set up agricultural farm which has been ignored by the Assessing Officer. The ld. CIT(A) has also referred a number of cases by the different CIT(As') in which land in the same vicinity of the assessee has been held to be agricultural land. 6. Heard b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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