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TMI Blog1983 (9) TMI 57X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax Appellate Tribunal referring for our answer the following questions of law : "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the sale of land was an adventure in the nature of trade liable to tax and not mere sale of agricultural lands ? (2) Whether, on the facts and in the circumstances, the Tribunal was justified in uph ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee proceeded to enter into agreements for sale by parcelling out the land into small portions. Thereafter, the assessee concluded the sales during the accounting period of 1.85 acres, 9-92 acres, 8.93 acres, 2 acres, 3.61 acres and 10.88 acres. The principles on which the questions referred have to be answered have been discussed by this court in CIT v. Jawahar Development Association [1981] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opinion, rightly concluded that the transaction was an adventure in the nature of trade. The assessee in preceding two years bad indulged in purchase and sale of properties. He is not an agriculturist. Soon after the purchase of the land, lie entered into agreements for disposing of the land in small portions. All this indicates that his real intention in acquiring the land was not to retain it fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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