2016 (5) TMI 1484

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....Ved Jain and Mr. Pranjal Srivastava Advocates. ORDER 1. This appeal by the Revenue is directed against the order dated 23rd October 2015 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 5754/Del/2013 for the Assessment Year ('AY') 2009-10. 2. The question sought to be urged by the Revenue is whether the ITAT was correct in holding that the Assessing Officer ('AO') and the Commiss....

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....rds. It had not claimed any expenditure in relation to such land. In the accounts for each of the year it had not shown any land being held as stock-in-trade. In the AY 2008-09, a small portion of the land was sold and the loss therefrom was declared as a capital loss and was not set off against any other income. The ITAT held that a mere fact that a development agreement was entered into by the A....