2016 (8) TMI 908

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....(PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. This Tax Appeal u/s.260A of the Income-tax Act, 1961 is filed against the order dated 23.12.2005 passed by the Income Tax Appellate Tribunal, Ahmedabad in ITA No.2031/Ahd/2005 as also the order dated 21.07.2006 in MA No.83/Ahd/2006 raising the following substantial question of law for our consideration: "Whether on the facts and circumstances of th....

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....r enquiry, it was noticed that the said land was sold for total price of Rs. 15,30,650/- to one M/s. Alkuresh Land Trading Corporation on 27.01.2001 but, the sale deed was executed on 08.06.2001. Ultimately, the Assessing Officer passed the order on 10.03.2005 declaring that the sale was an adventure in the nature of trade and therefore, the excess amount received on sale of property was business ....

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....ac12;) portion of the land was sold in the year under appeal whereas, the remaining half (½) was sold in the previous year. These were the only two transactions in relation to the land in question. Therefore, the findings recorded by the CIT(A) and affirmed by the Tribunal are erroneous and contrary to the documents on record. 5. Mrs. Mauna Bhatt, learned Standing Counsel appearing for t....

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....r appeal and the remaining ½ portion of land in the previous year. Both the parcels of land were sold to the same party. All throughout, the assessee was the owner of the land in question and no transfer of rights in favour of any third party ever took place until the ½ portion of said land was sold in the year preceeding the relevant year. Therefore, under no circumstances, the tran....