TaxTMI 
TaxTMI 
2015 (7) TMI 1156
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.... Revenue against the order of the ld. CIT(A)-II, Jaipur dated 30-11-2012 for the assessment year 2007-08 wherein solitary ground raised by the Revenue is as under:- ''On the facts and in the circumstances of the case and in law the ld. CIT(A) higher side erred in directing the AO to tax the profit arising from sale of plots of land under the head 'Income from Capital gains'' ....
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....ted 10-12- 2009 and submitted that capital gain pertains to sale of plots at Pratap Nagar and Scheme No. 2. These plots were acquired by the assessee in financial year 2001-02 and the assessee was holding these plots as capital assets and not trading assets. However, if the profit from the sale of the above plots is treated as business income, the assessee has no objection in treating so provided ....
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....'s action of taking the sale consideration of plot at Pratap Nagar u/s 50C as per Sub-Registrar valuation/ stamp duty valuation is in order, as the sale value shown by the appellant for long term capital gains is less than the stamp duty valuation. The AO is directed to compute long term capital gains accordingly.'' 2.3 Now Revenue is before us and the ld. DR drew our attention on ld....
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....contentions and perused the materials available on record. We find from the records that the assessee since inception had disclosed the purchase of lands under the head 'Investment' and the assessee had also disclosed these plots under the same head upto date of sale of plots in the balance sheet. The assessee had also shown certain stocks in land under the head 'Inventories' durin....