TaxTMI 
TaxTMI 
2015 (6) TMI 480
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....rmation to show that the transaction is adventure in the nature of trade and the income arising was rightly assessed to tax under the head 'income from the business u/s.28 of the Act. 3. The Ld. CIT(A) has erred in holding that the land is agricultural land without remanding the matter to the Assessing Officer for verification when the assessee has not produced any evidence in support of agricultural activity conducted in the land. 4. The Ld. CIT(A) failed to appreciate the fact that the Assessing Officer has discussed the issue of treatment of land (whether agricultural or not) at length, on the guidelines discussed by Hon'ble Supreme Court of India in the case of Sarifabibi Mohammad Vs CIT. 5. Any other ground(s) that may....
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....t proceedings. In the course of such examination, he got enquiries made through his Inspector who reported that there was no agricultural activity on the date of enquiry i.e., 12.12.2013 or even in the immediate past. He also reported that the concerned land did not appear conducive for agriculture. The A.O. also found that there was no evidence produced by the assessee in support of her claim of having carried on any agricultural activity. He also noted that no agricultural income had been declared by the assessee in her relevant returns of income. He further noted that the land in question along with neighbouring lands adjacent to the Urban Agglomeration around the City of Hyderabad had been bought by the Associates of M/s. Amsri Develope....
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....er plotting which would suggest an intention to undertake a business activity. The mere fact that the land prices may have escalated in the vicinity which the appellant has taken advantage of or that other landowners in the vicinity may also simultaneously have taken advantage of, cannot lead to a conclusion of 'a systematic activity amounting to an adventure in the nature of trade'. I, therefore, hold that the transaction of sale of land at Dundigal was not an adventure in the nature of trade." Whether the land sold by the assessee was agricultural and ? "12. In the case of M. Vijaya and others, the assessees had sold land located at Dundigal village falling within Qutbullapur Mandal to Varun Constructions. The ITAT took note of....
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....the ratio of the decision discussed above, it is held that the land was agricultural land." Whether the land was located within a distance of 8 KM from the Municipal Limits of Hyderabad ? "8. The appellant had furnished a certificate issued by the Deputy Collector & Tahsildar, Qutbullapur Mandal, R. R. District to the effect that the land in question was located at a distance of 14 kms from the local limits of Hyderabad Municipal Corporation. In view of this certificate, the claims of the appellant on this issue is accepted." 3.1. The Ld. CIT(A) thus held that the land in question being agricultural land located more than 8 KM from the limits of Hyderabad Municipal Corporation was not a capital asset as defined under section 2(14) and....
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....e suggests that Dundigal village falls within Qutubullapur Municipality and also this Qutubullapur Municipality has not notif ied in the year under section 2(14)(iii) of the I.T. Act and Qutubullapur Municipality abolished and merged with Municipal Corporation of Hyderabad with effect from 16/04/2007. We have also gone through the record placed in the paper book at pages 76 & 77. At page 76, a copy of the intimation is placed issued by the Town Planning Off icer, Quthbullapur , Circle - 15, GHMC vide Ref . No. G/1240/2008, dated 04/10/2008 informing that the land is not falling in the GHMC limits. At page 77, a copy of the agricultural land certif icate is placed, issued by the Deputy Collector & Mandal Revenue Off icer, Qutubullapur Mandal....