9911796707
TMI Blog1983 (12) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case, the Tribunal was correct in its decision that the profit on transfer of agricultural land was assessable as business income of the assessee on the mere fact that the land in question appeared in the balance-sheet of the assessee having business in dealing of land and building ? " The assessee is a partnership firm. This reference relates to the assessment year 1969-70 for which the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... every year for agricultural operations. The AAC, however, affirmed the assessment order of the ITO and observed that the expenses incurred by the assessee were too small to be of any significance and were barely sufficient to cover the salary of a watchman. The AAC also observed that the balance-sheet of the firm showed that in the first year, the expenses were incurred for development of the lan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in immovable properties and the profits were being assessed to tax as business income. The Tribunal took note of the balance-sheet of the assessee and found that the land in question along with another plot of land at No. 6, Palm Avenue, Calcutta, bad been shown under the heading " Land ". It was not the assessee's case that the plot of land at No. 6, Palm Avenue, Calcutta, was a capital asset. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, there is hardly any question of law involved in this matter. The Tribunal after considering all the facts that were placed before it came to the conclusion that the land that was sold was held by the assessee as its stock-in-trade and so the surplus arising out of the sale of the land was the assessee's business income. In our view, the Tribunal has not committed any error of law and the quest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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