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2018 (4) TMI 1210
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....ar, Advocate ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal dated 28.02.2017 raising following questions for our consideration: "1. Whether the Appellate Tribunal is right in law and on facts in directing to treat the gain of Rs. 4,74,873/- from sale of land as 'long term capital gain....
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....iew of the CIT (Appeals), was of the opinion that the amount in question was in the nature of trade advances to the assessee made by the company and not a loan. To come to such a conclusion the Tribunal relied on the judgement of the earlier assessment year in which, it was noted that the assessee had entered into an agreement with the company for development and consideration of the land which wa....