2013 (7) TMI 541

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.... off against business loss without appreciating the fact that the nature of business of the assessee as mentioned in Co.No.8(a) of Audit Report in Form 3(1) that Purchase & sale of Agriculture implements, Seeds, Fertilizer, Pesticides for members, etc. Trading and Processing in Agricultural & Non-agricultural items for members and others and to render the saving bank facilities to its members? 2. Issue pertains to a sum of Rs.54.15 lakhs (rounded off), which the Tribunal directed the Assessing Officer to treat as business income and consequently to permit set off against the business losses. 3. Revenues stand is that the assessee was engaged in the business of purchase and sale of agricultural implements, seeds, fertilizers and pesti....

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....jaynagar and godown with open land at Bhiloda. After obtaining permission from District Registrar Co-operative societies, Himatnagar for construction of commercial complex, the assessee started the activity of developer and organizer in A.Y. 2006-07 pursuant to which it demolished its office (at Vijaynagar) and godown at Bhiloda) and constructed shops and sold the shops. The activity of the construction was started by the assessee to reduce the accumulated losses. The assessee developed shopping complex at Vijaynagar in A.Y.2006-07 and at Bhiloda during A.Y. 2007-08. The profit on sale of shops was reflected as business income and the sale of shops was considered as business income by the A.O. while framing order under Section 143(3). The f....