Petition dismissed; petitioner allowed to submit detailed disclosures and documents for re-consideration; notices for 2019-23 may be adjudicated on me...
Confiscation and duty recovery quashed where licensing records show export obligation discharged; customs lacks jurisdiction absent licence annulment ...
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ITAT upheld the CIT(A)'s determination that the surplus from the sale of land is assessable under the head "capital gains" and not as business income, dismissing the Revenue's appeal. The Tribunal concurred with the finding that the properties were divested after a considerable lapse of time and that the assessee lacked intention to carry on a land-trading or real-estate business; consequently the AO's characterization of the transactions as an adventure in the nature of trade was rejected. The ITAT relied on the assessee's prior favorable orders for earlier assessment years as directly applicable and remitted action to the AO to assess the surplus as capital gains in accordance with law.
ITAT upheld the CIT(A)'s determination that the surplus from the sale of land is assessable under the head "capital gains" and not as business income, dismissing the Revenue's appeal. The Tribunal concurred with the finding that the properties were divested after a considerable lapse of time and that the assessee lacked intention to carry on a land-trading or real-estate business; consequently the AO's characterization of the transactions as an adventure in the nature of trade was rejected. The ITAT relied on the assessee's prior favorable orders for earlier assessment years as directly applicable and remitted action to the AO to assess the surplus as capital gains in accordance with law.
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