2017 (3) TMI 878

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....f Rs. 24,13,24,783/to be treated as capital gain instead of treating it as business income as held by the AO and learned CIT(A), the Revenue has preferred present Tax Appeal with the following proposed question of law: "Whether the Appellate Tribunal was right in allowing the issue of sale consideration of land of Rs. 24,13,24,783/to be treated as capital gain and thereby set aside the issue to the file of the CIT(A) ?" 2.0. The facts leading to the present appeal in nutshell are as under: 2.1. That the assessee who at the relevant time was having a dealership agreement with Mercedes Benz filed the return of income for AY 201213. The assessee company sold the property which was shown in the block assets for the amount of Rs. 25,22,....

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....aw. "Whether the Appellate Tribunal was right in allowing the issue of sale consideration of land of Rs. 24,13,24,783/to be treated as capital gain and thereby set aside the issue to the file of the CIT(A) ?" 3.0. Shri Manish Bhatt, learned counsel for the Revenue has vehemently submitted that no evidence was produced by the assessee in support of his case that the assessee purchased the land for expansion and to continue dealership agreement with the Mercedes Benz. It is submitted that therefore, when the land was converted from agricultural to non agricultural land and thereafter the assessee submitted the plans for showroom as well as office (as observed by the learned CIT(A)) and thereafter the assessee sold the said land by plott....