TaxTMI 
TaxTMI 
2019 (8) TMI 1259
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.... has died, hence, the present appeal has been preferred by the legal heirs of the deceased assessee. 2. The assessee in this appeal has raised the following grounds: "1. That the order of Learned Commissioner of Income Tax (A) is bad, against the facts & Law 2. That the Learned Commissioner of Income Tax (A) has wrongly upheld the investment made in property during the year as business of the appellant. 3. That the Learned Commissioner of Income Tax (A) has wrongly upheld the addition of Rs. 11,13,37,414/- by treating the long term capital gain on sale of land as business income. 4. That the Learned Commissioner of Income Tax (A) has wrongly upheld the disallowance of deduction claimed by the appellant....
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....rte order dated 06.12.2012. The assessee preferred further appeal before the Tribunal, whereupon, this Tribunal set aside the order of the CIT(A) and remanded the matter back to the file of the ld. CIT(A) with the direction to give adequate opportunity of hearing to the assessee and decide the matter afresh. Pursuant to the above direction of the Tribunal, the ld. CIT(A) has decided the matter afresh by way of impugned order and has dismissed the appeal of the assessee. Being aggrieved, the assessee has come in appeal before us. 7. We have heard rival contentions and have also gone through the material on record. 9. The moot question before us is as to whether the income earned by the assessee from the sale of property is 'business in....
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....at (a) Shant Nagar, (b) 100 feet road BTI and (c) Bhuchokalan due to the dispute and unclear title of the property. Other 2 booths number 39 & 40 were sold due to their bad location and to further invest the funds in prime properties. The aforesaid reasons forced the assessee to sell these properties almost at the cost price with very less gain, which was otherwise not regular business of the assessee. It has been further submitted that the assessee had surplus funds from sale of old asset during the year and wanted to invest the funds in real estate, which prompted him to purchase various properties with these funds. The assessee had purchased all the properties by paying full consideration and also paid full stamp duty by getting these pr....
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....immovable properties by the assessee as business income of the assessee. 11. We have considered the rival submissions. In our view, merely because assessee after sale of large chunk of land/property, purchased many small properties including some commercial properties that itself, is not sufficient to hold that the assessee was doing regular business in sale and purchase of the immovable property. Even the purpose of investment is to hold the properties for better/maximum appreciation with the passage of time. It is immaterial whether the assessee, for the purpose of investment, purchases commercial property or residential property or any agricultural land or otherwise. The motive of the assessee is to be seen whether the assessee's inte....
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.... lower authorities in rejecting the deduction claimed by the assessee under Section 54F of the Income Tax Act, 1961 (hereinafter referred as 'the Act')on the amount spent for construction of residential house. The aforesaid claim of the assessee was rejected by the Assessing officer on two grounds. Firstly, that the assessee was owner of more than one residential property and secondly, that the house was not constructed within three years from the date of sale of property. 13. We have considered the rival contentions on this issue. So far as the issue that the assessee was having more than one residential house, the Assessing officer observed that the assessee was owner of the following residential properties: (1) House at Mall ....