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Judgment Search Results Home > Cases Phrase: punjab municipal act 1911 Court: income tax appellate tribunal itat amritsar Year: 2002 Page 1 of about 1 results (0.043 seconds)

Oct 09 2002 (TRI)

Vinod Kumar Vs. Addl. Cit

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Oct-09-2002

Reported in : (2004)91TTJ(Asr.)460

..... case also, there is nothing on record to establish that the assessee developed the land into house site, prepared and submitted the layout plan to the municipality for approval or advertised the sale of any plot, as such, it cannot be presumed that the assessee was dealing in the real estate. the chandigarh ..... other words, it is not the case of the department that the claim of the assessee as regards to the bad law and order position in punjab during the relevant period was not true. in those circumstances, we find some force in this argument of the learned counsel for the assessee that the ..... the same should be assessed as business income. the assessing officer, therefore, denied the assessee's claim for relief under section 54f of the income tax act, 1961. the assessee had been showing these shares in his wealth-tax return from the assessment year 1988-89 as personal investment. these shares were never ..... those items been stock-in-trade those could not have remained in the same form for such a long period and moreover, due to gold control act in those years, the assessee could never have those items of jewellery as his stock-in-trade being out of books and stock register.as regards ..... on some acceptable evidence or perverse. the learned tribunal has opined that the assessee after purchase of the land did not resort to any action or acts, from which it could be concluded that the assessee acquired the land as a venture in trade or business. this conclusion is reached by the tribunal .....

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