9911796707
TMI Blog2023 (2) TMI 1362X X X X Extracts X X X X X X X X Extracts X X X X ..... of any evidence to show that the lands which were purchased by the assessee during 1985/1990 was intended for resale or in the absence of any evidence that the land was converted into stock-in-trade, whether the earnings of the assessee pursuant to a development agreement entered into with the developer would be business income? HELD THAT:- On 13th November, 1994 the assessee entered into a develo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the accounts. Tribunal agreed with the assessee that there was no intention on the part of the assessee to enter into an adventure in the nature of trade to deal in the land as its business. Accordingly, the appeal filed by the department before the Tribunal was dismissed upholding the view taken by the CIT(A) - Decided against revenue. - THE HON BLE JUSTICE T.S. SIVAGNANAM AND THE HON BLE J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... short question involved in this appeal is whether in the absence of any evidence to show that the lands which were purchased by the assessee during 1985/1990 was intended for resale or in the absence of any evidence that the land was converted into stock-in-trade, whether the earnings of the assessee pursuant to a development agreement entered into with the developer would be business income. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set as stock-in-trade. On the other hand, the assessee continued to show the land as capital asset even after 1994, which fact was accepted by the department. The learned Tribunal had distinguished the decisions which were cited by the revenue by noting the facts of the case that the lands were purchased by the assessee during 1985/1990 and used as capital asset for its business purposes and conti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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