2016 (7) TMI 401

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....wdhury, Ms. Saswati Joardar, Mr. Protyush Chatterjee, Ms. Rakhi Purnima Paul,Advocates ORDER The Court : The appeal is directed against a judgment and order dated 14th August, 2009 passed by the Income Tax Appellate Tribunal "B" Bench, Kolkata in ITA No.620/Kol/2009 pertaining to the assessment year 2005-06. The revenue has come up in appeal. The question formulated at the time of admi....

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....d in earlier year as Block "A", also through the joint venture agreement and was sold in the year 1989-90. The income therefrom was accepted and assessed as long term capital gain by the AO. Even after that there was no change in the nature of property and it was never changed from assets to stock-in-trade in the Balance Sheet. Block "B", income from which is the subject matter of the present appe....

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....into its stock in trade. Therefore, in my opinion, the application of the provisions of section 45(2) of the Act, by the AO in this case is misplaced. Here, I would also like to mention that on similar set of facts and circumstances, the assessing officer, in assessee's own case for the assessment year 1990-91, had assessed the profit from similar activity as capital gains. In the light o....