1983 (12) TMI 43

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....nder s. 256(1) of the I.T. Act: " Whether, on the facts and in the circumstances of the case, the Tribunal was correct in its decision that the profit on transfer of agricultural land was assessable as business income of the assessee on the mere fact that the land in question appeared in the balance-sheet of the assessee having business in dealing of land and building ? " The assessee is a p....

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....ship of the assessee for six consecutive years and the assessee had incurred expenses every year for agricultural operations. The AAC, however, affirmed the assessment order of the ITO and observed that the expenses incurred by the assessee were too small to be of any significance and were barely sufficient to cover the salary of a watchman. The AAC also observed that the balance-sheet of the firm....

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....re as the partners may mutually agree upon from time to The assessee had been dealing in immovable properties and the profits were being assessed to tax as business income. The Tribunal took note of the balance-sheet of the assessee and found that the land in question along with another plot of land at No. 6, Palm Avenue, Calcutta, bad been shown under the heading " Land ". It was not the asses....