1981 (12) TMI 50

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....m satisfied that the assessee had sufficient cause for the delay and I have admitted the appeal.  Further, I have considered the relevant facts and circumstances, the material on record and the rival submissions. 2. The dispute is about charging income determined at Rs. 30,000 as the assessee's income from an adventure in the nature of trade. It relates to the sale of a plot of land by the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....wn savings to meet the cost of the purchase of the land, that the land was not transferred to the name of the assessee(s), that an attempt was made to sell it soon after the assessee (s) was committed to purchasing it and that most of the purchase price was paid out of the sale proceeds.  I am also conscious that there is nothing to support the stand of the assessee (s) that the land was purc....