2021 (11) TMI 1149

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....A For the Appellant : Mr. Nikhil Simlote on behalf of Mr. R.B. Mathur Order This appeal is filed by the Income Tax Department to challenge the judgment of the Income Tax Appellate Tribunal dated 30.07.2020. Following question is presented for our consideration:- "I) Whether in the facts and in circumstances of law, the ITAT was justified in confirming deletion of the addition of Rs. 3,15,70,....

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..... The assessee sought permission to produce additional documents. On the basis of such additional documents, the assessee sought to raise a contention that the land which was transferred in favour of the assessee was a stock in trade and he was engaged in the business of real estate development. The CIT (Appeals) called for the remand report from the Assessing Officer and eventually accepted the s....

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....geable to income tax as income from other sources. The relevant portion of clause (vii) which is at the center of the issue reads as under:- "(vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009 [but before the 1st day of April, 2017],- (a) any sum of money, without consideration, the aggregat....

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....he amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property;" Even the Counsel for the Revenue did not argue that the said provisions would be applicable to a stock in trade of an assessee. In other words if it was found that assessee was actually in the business of....