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TMI Blog2022 (3) TMI 1029X X X X Extracts X X X X X X X X Extracts X X X X ..... (A)-2, Thane on 31-05-2016 in relation to the assessment year 2009-10. It is a recalled matter inasmuch as the earlier ex parte order passed on 26.02.2018 was subsequently recalled on 26.04.2021. 2. The first ground about the confirmation of addition of Rs. 5.00 lakhs was not pressed by the ld. AR. The same is, therefore, dismissed as 'not pressed'. 3. The only other ground which survives in thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . CIT(A) confirmed the order of the AO. Aggrieved thereby, the assessee has approached the Tribunal. 4. I have heard both the sides and gone through the relevant material on record. It is seen that the assessee purchased the land in the financial year ending 31-03-2006. Development expenses amounting to Rs. 2.00 lakh were also incurred in that year. Before the close of the year ending on 31.3.200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Developers, signing as a 'Consenting Party'. Thus it is clear that the assessee continued to treat such land as Investment ab initio, by showing it under the head `Fixed assets' in its balance sheets from year to year and not as 'Stock in trade', which position has not been disputed by the AO in any of the earlier years. In the given peculiar facts and circumstances of the case, I am of the co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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