TaxTMI 
TaxTMI 
2011 (3) TMI 1821
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....e Respondent : Shri. Manoj Kumar, Addl.CIT ORDER PER DR. O. K. NARAYANAN, VICE PRESIDENT : This appeal is filed by the assessee. The relevant assessment year is 2006-07. The appeal is directed against the order of Commissioner of Income-tax(A)-II, at Bangalore, dated.12.03.2010 and arises out of assessment completed u/s.143(3) of the IT Act, 1961. 02. The assessee had returned an income of ....
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....er of Income-tax(A) in first appeal. After considering the facts of the case and examining a number of decisions pronounced by courts of law, the Commissioner of Income-tax(A) agreed with the assessing authority and held that the assessing authority has rightly treated the income as business income. The first appeal was dismissed. 04. We heard Smt. Sheetal Borkar, Advocate appearing for the asses....
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....ther to carry on an adventure in the nature of trade or to purchase land as investment and sale at the appropriate favourable time. 07. In page 13 of his order, the Commissioner of Income-tax(A) has listed out the details of various purchases made by the late assessee from 1988-89 to 2003-04. The land was sold in financial year 2005- 06 which is the previous year relevant to the assessment year u....
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....sessee were developed and plotted and sold at a huge price, does not mean that the assessee was carrying on the activities in an organized manner in the nature of business. As a prudent investor, the assessee started saving his investments in land in anticipation of good price on sale. This prudence of the late assessee cannot be equated with an object of indulging in adventure in the nature of tr....