2018 (5) TMI 1098

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.... K Patel, Advocate For The Respondent : Mr Darshan R Patel COMMON ORDER (PER : HONOURABLE Mr. JUSTICE AKIL KURESHI) These appeals arise in the common factual background. We may, therefore, refer to the facts from Tax Appeal No. 955 of 2017. Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal dated 30th June 2017 concerning AY 2010- 2011, raising following que....

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....wing observations : "4. We have given our thoughtful consideration to rival connections strongly supporting their respective cases. We first of all come to the relevant facts forming subject matter of Revenue's appeal ITA No. 1524/Ahd/2014. The assessee was a cooperative society earlier as established on 01.03.1995. It acquired lands in question of agricultural nature way back in 1990s. I....

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.... any risk and responsibility therein in the nature of adventure or trade in all the said episode. Learned Departmental Representative also does not dispute that assessees' income derived in relation to the said earlier transfers was never treated as business income. It emerges that the third developer also terminated the above development agreement in the year 2009 ie., the preceding assessment ye....

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....ers' efforts in the impugned assessment year. We repeat that the assessee is a registered cooperative society wherein all its books and records are well audited as regulated by cooperation by laws. There is again no matter in the case file in the nature of any agenda or resolution suggesting us that it had ever taken any development activity of the plots in question. We therefore see no reason to ....