TaxTMI 
TaxTMI 
2015 (5) TMI 728
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....er Singh, the learned counsel, appearing in support of this Appeal for the revenue and Mr. R. Murlidhar, the learned counsel, appearing for the assessee-respondent. The revenue is in appeal against the order dated 26th April, 2013 of the Income Tax Appellate Tribunal, Bench at Mumbai. That order was passed in Income Tax Appeal No.2694/Mum/2009 . The assessment year is 2005-06. 2. Mr. Tejveer Sing....
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....ould denote that this is an adventure in the nature of trade. The gains cannot be said, therefore, capital gains. They were rightly not termed by the Assessing Officer and the Commissioner as such. The Tribunal has reversed these concurrent orders and only by relying upon the judgment of the Hon'ble Supreme Court in the case of G. Venkataswami Naidu and Co. V/s. Commissioner of Income Tax 35 ITR 5....
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....ade to the CIDCO on 13th February, 2004 to consider the change of user to residential-cum-commercial complex. The CIDCO granted permission on 15th July, 2004. The permission was granted subject to the condition that construction should be done within two years otherwise a penalty would be imposed by CIDCO. Therefore, the matter was placed before the Board of Directors in March 2005 and it was deci....
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....n such business. But there is no formula and which can be applied generally. Ordinarily an isolated transaction cannot be the sole criterion to test as to whether it is in the nature of trade or sale of investment. A holistic and overall view of the transaction has to be taken. Upon taking that and finding that the plot was allotted but could not be utilized by manufacturer of cotton and yarn that....