2012 (9) TMI 125

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.... 2. The present appeals have been filed with a delay of three days. An application for condonation of delay has been filed. An affidavit in support of the application for condonation of delay in filing of appeals citing reasons for delay is also filed. We have perused the affidavit and are satisfied with the reasons causing delay in filing of the appeals. Thus, the application for condonation of delay is allowed. Delay of three days in filing of appeals is condoned and the appeals are admitted to be heard on merits. 3. The facts in brief are that on 6.2.2008 the assessee was intercepted at Chennai airport while travelling from Coimbatore to Chennai. A search was conducted under section 132 of the Income Tax Act, 1961(hereinafter referr....

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....ter perusing the documents on record and taking into consideration the submissions made by the assessee after deleting the double addition of income upheld the order of the Assessing Officer treating income from purchase and sale of plots as business income of the assessee and not as capital gain as claimed by the assessee. The CIT(A) sustained the addition of Rs. 13,34,223/- made by the Assessing Officer. 6. Now, the assessee is in second appeal before the Tribunal impugning the orders of CIT(A) dated 20.12.2010 relevant to the assessment year 2007-08 & 2008-09. Since both the appeals involve similar questions they are being heard and disposed off on merits together. 7. For the assessment year 2007-08, the assessee has impugned the o....

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.... by the CIT(A) is a well-reasoned and detailed order. Wherever there was double addition, the same has already been deleted by the CIT(A). He submitted that sequence of events clearly show that the income from sale of plots is business income and not capital gain as claimed by the assessee. As regards allowability of the expenditure are concerned, he submitted that no evidence whatsoever was placed on record by the assessee to claim the expenditure. 10. We have heard the submissions made by respective parties and have also gone through the orders passed by the authorities below. A perusal of the same shows that the assessee was in the business of buying and selling of plots. The assessee had purchased nine plots at Coimbatore on 6.11.....