2000 (7) TMI 4

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....me-tax Appellate Tribunal, Jaipur Bench, Jaipur. We are satisfied that no substantial question of law arises for consideration of this court in this appeal under section 260A of the Income-tax Act, 1961. The respondent has filed returns of his income for the assessment years 1985-86 and 1986-87 on February 22, 1988. Along with the returns tax as per self-assessment was also paid. The assessm....

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....in eligible assets the capital gains arising out of such transfers were exempted from payment of tax. He had no other taxable income for which he was required to file return. However, subsequently, he was advised by his consultant that looking to the number and frequency of transactions in land his transactions are likely to be treated as business transactions and not as transfer of capital assets....

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....firmed in appeal by the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur. The present appeal relates to the assessment year 1985-86. The Tribunal has accepted the explanation furnished by the assessee for late filing of the return and agreed with the conclusion reached by the Commissioner of Income-tax (Appeals) in setting aside the penalty under section 271(1)(a) and 273 of the Income-tax Act ....