2022 (1) TMI 982

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.... equity, weight of evidence, probabilities, facts and circumstances of the appellant's case. 2. The learned A.O. is not justified in denying the deduction claimed by the appellant u/s. 54F of the Act under the facts and in the circumstances of the appellant's case. 3. The appellant craves leave of your Honour to add, alter, amend, rectify, and delete any of the grounds urged above. 4. For the above and other grounds that may be urged at the time of hearing of the appeal, the appellant humbly prays that the appeal may be allowed and Justice rendered." Brief facts of the case are as under: 2. The assessee is a retail trader of cement filed its return of income for year under consideration on 25/09/2013 declaring total income o....

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....52 100 X 30 Smt.Meena D Lakhani 9,75,000/- 6 06-03-2013 44, 51 100 X 30 Smt . Meena D Lakhani 97,75,000/- 5. The Ld.AO rejected the submissions by holding that assessee claimed long term capital gain on sale of plots which were developed in 1990 and the sale commenced from 1990-91. He observed that total of 120 plots were carved out from the agricultural land and sold over the years which amounts to business carried out by assessee and the sale of plots during the year was brought to tax as business income. 6. The Ld.AO further denied the exemption claimed by assessee under section 54F due to reclassification of long term capital gains as business income. 7. Aggrieved by the order of Ld.AO, assessee was in appeal before t....