2020 (4) TMI 761

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.... APPELLANTS (By Sri. K.V. ARAVIND, ADV.)   RESPONDENT (By Smt. S.R. ANURADHA, ADV.)   JUDGMENT ALOK ARADHE J., In this appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act', for short) which has been filed by the revenue the issue which arises for consideration is whether income from sale of property should be assess under the head of bus....

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....142(1) were issued to the assessee on 21.07.2007 and 13.08.2008 respectively. The Assessing Officer by an order dated 30.12.2008 inter alia held that immovable property situate at 16/1, Museum Road, Bangalore, was held as stock in trade and the assessee itself was engaged in the business of construction of Multi Storied Building. The Assessing Officer bought an amount of Rs. 6 Crores under the hea....

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....ssessee was allowed. Being aggrieved, the assessee has filed this appeal. 3. Learned counsel for the revenue submitted that assessee is in the business of purchasing land and putting up commercial buildings thereon and therefore, the same does not fall within the head income from the house property. It is further submitted that the income of the assessee was to carry on the business of letting ....

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....on of material available on record, the Income Tax Appellate Tribunal has recorded the finding that the property was held as capital asset and therefore, the same cannot be treated as stock in trade. In support of his submissions, the learned counsel has placed reliance on division bench decision of this court in 'D.R.PUTTANNA SONS PVT. LTD. VS. COMMISSIONER OF INCOME-TAX', 1986 SCC ONLINE KAR 386....