2018 (7) TMI 2363

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...., Joint Commissioner of Income Tax (OSD) Vs. M/s. Chaitanya Properties Private Limited. 2. Both the learned counsels for the Revenue as well as the Assessee have brought to our notice, the conclusions of the learned Tribunal in 11.6.1, which we quote here for ready reference: 11.6.1: We have heard the rival submissions of both parties and perused and carefully considered the material on record. We have also perused the decision rendered by a coordinate bench of this Tribunal in the assessee's own case for Assessment Year 2005-06 in ITA No. 557/Bang/2014. From the material on record the following facts emanate:- i) The lands which are subject matter of the JDA dated 05.02.2005, between the assessee and PEPL, are sto....

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....the JDA, in following the said method. In the light of the above facts, it would be incorrect to conclude that the assessee has earned any income out of the JDA in the period relevant to the impugned assessment year 2009- 10; 11.6.2: On a careful perusal, we find that the judicial pronouncement rendered by the Chennai Bench of the ITAT in the case of R. Gopinath (HUF) Vs. CIT in ITA Nos. 29 & 30/Mad/2008 dated 24.07.2009 and relied on by the assessee, does apply to the facts of the case of the assessee in the case on hand. We concur with the above said decision of the Chennai Bench of the ITAT (supra) in holding that when an immovable property is held as stock-in-trade, the same is to be considered as sold only when t....