2014 (4) TMI 865

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....Department JUDGMENT (Judgment of the Court was made by Chitra Venkataraman, J.) Following is the question of law raised by the Revenue seeking admission of the Tax Case (Appeal) filed for the assessment year 2007-08. " Whether under the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in that the sum of Rs.2 crores received by the assessee pursuan....

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....eals) agreed with the assessee's contention that the income was to be assessed under the head "capital gains". Aggrieved by this, Revenue went on appeal before the Income Tax Appellate Tribunal. 4. On an overall material consideration, the Income Tax Appellate Tribunal came to the conclusion that there was no evidence or material produced by the Revenue that the property in question held by....

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....ome. 6. We do not agree with the said submission of the Revenue. It is not denied by the Revenue that the assessee was holding the property for more than five decades and that it had been carrying on business only in insurance. The consistent case of the assessee is that when it had entered into joint venture agreement, it had decided to retain 19,300 sq.ft of developed area or a cash compensat....