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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 ..... iled by assessee are adjudicated together as similar issue and identical facts are involved in these two appeal and cross objection. ITA No. 1511/Ahd/2018 filed by revenue 3. The revenue has raised following grounds of appeal:- "1 The Ld. CIT(A) has erred in law and facts in deleting the addition of Rs. 5,62,128/- made by the AO and holding that the AO was not justified to consider gain on sale of land as a business income. 1.1 The Ld. CIT(A) has erred in not appreciating the fact that the assessee company had indulged in systematic activity of dealing in land. 2 This appeal is filed even though it is below the monetary limit since the reopening vas done owing to Revenue audit objection and it comes under the exception clause 8(c) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assed without proper examination or inquiry or verification or objective consideration of the claim made by the assessee. In pursuance of the order u/s. 263, the Assessing Officer has completed assessment u/s. 143(3) r.w.s. 263 of the Act on 28th Feb, 2014 stating that as per memorandum of association the main object of the assessee company was that: "To own, occupy, purchase, sell, deal-in, acquire, hold, hire, possess, exchange, 'lease, license, mortgage, improve, grow, develop, manage, control land and to set up agriculture farms, agriculture house, farm house, orchards, gardens and to carry on the business as agriculturist, farmers, millers, gardeners, cultivators, planters, processors in connection with the agricultural and farmi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee for the financial year 2007-08 and from the findings of the ld. CIT(A) in the appellate order. It is undisputed fact that assessee has sold the agricultural land as fixed 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. In the light of the above facts and circumstances, we do not find any infirmity in the decision of ld. CIT(A). Therefore, this ground of appeal of the revenue is dismissed. Cross Objection No. 73/Ahd/2019 filed by assessee 7. The assessee has filed cross ..... X X X X Extracts X X X X X X X X Extracts X X X X
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