2016 (10) TMI 632

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.... This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 30th May, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2008-09. 2. The Revenue has urged following question of law for our consideration : (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal wa....

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....ofit and loss account. But thereafter, it omitted to reduce it while arriving at its taxable income under the head of business income. In the above view, the Assessing Officer held that the profit / gain on the sale of plot of land is to be assessed as a business income and not under the head capital 'Capital Gain' as canvassed by the respondent assessee. 4. On further appeal, the Commiss....

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....rected Assessing Officer to reduce the amount of profit element on the sale of plot from the profits of business as declared by the respondent assessee. Thus, allowing the respondent assessee's appeal. 5. The grievance of the Revenue before us with the impugned order is in it having allowed / accepted the claim as of the assessee as capital gains and directed the Assessing Officer to reduce t....

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.... balancesheet. Further, the Tribunal records the fact that the business of the respondent assessee was not of trading in plots of land and, therefore, the amounts received on sale of plot of land which was originally purchased for construction of administrative building could never be taxed as a business income. The impugned order of the Tribunal is unexceptionable in its reasoning. The grievance ....