TaxTMI 
TaxTMI 
2001 (9) TMI 44
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.... Income-tax Appellate Tribunal, Hyderabad Bench "A" (for short "the Tribunal'), has referred the following two questions to this court at the instance of the assessee for the assessment years 1966-67 to 196970 : "1. Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in holding that the reopening of the assessments fell under section 147(a) and not under s....
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....mstances of the case, the Tribunal is correct in law in holding that the gain accruing to the assessee from the compensation payable for the compulsory acquisition of her lands situate within the limits of Visakhapatnam Municipality are to be assessed under the head 'Capital gains' and not under the head 'Income from business?" Although the assessee was served with notice, she remains unreprese....
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....ith an intention to sell them as house sites in pursuance of which she not only sold away sites but also a layout prepared. (d) She purchased the lands fully aware of the acquisition proceedings concerning those lands, the real object being to get profit out of the acquisition proceedings as borne out by the subsequent events. The Tribunal referring to the grounds stated by the Income-tax Of....
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....d by the Tribunal is based on some acceptable evidence or perverse. The learned Tribunal has opined that the assessee after purchase of the land did not resort to any action or acts from which it could be concluded that the assessee acquired the land as a venture in trade or business. This conclusion is reached by the Tribunal on the ground that after purchase, the assessee had not developed the l....