2014 (12) TMI 851

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....Ms. Beena Pillai ORDER P.C. This Appeal of the Revenue challenges the order passed by the Tribunal on 30 May 2012 in Income Tax Appeal No.6214/Mum/2010. The Assessment Year is 2007-08. 2. The only point, which was argued before the Tribunal and reiterated before us, is that the Commissioner of Income Tax (Appeals) has erred in law in directing the Assessing Officer to treat the income ....

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....s discovered that it was not viable, steps should have been taken to amend the partnership deed and particularly with regard to scope of the partnership business. In addition to this, when this property at Khetwadi , Mumbai was acquired in 1997, the Assessee made several applications seeking clearances and permissions from the Government Authorities so as to develop and construct upon the property....

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....ine years and ultimately disposed of this property in 2006. If the business was of Builder and Developer, it was inconceivable in a city like Mumbai, where the prices of the lands are sky rocketing, that the Builders and Developers will not do any business, even after they have set up a firm of Builder and Developer. The period of nine years coupled with the fact that barring one project nothing m....