M/S. HARIHAR INFRASTUCTURE DEVELOPMENT CORPORATION LTD.,NAGPUR vs. THE DY.CIT, CIRCLE- 1, NAGPUR

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ITA 60/NAG/2015Status: DisposedITAT Nagpur09 May 2022AY 2010-1130 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had purchased and held the agricultural lands as an investment, not as stock-in-trade, as no development activities were carried out. Therefore, the gains from the sale were not to be treated as business income.

What were the facts?

The assessee, a real estate developer, sold agricultural lands and claimed the gains as exempt. The Assessing Officer (AO) treated the gains as business income, arguing the assessee held the lands as stock-in-trade. The CIT(Appeals) confirmed the AO's order.

What were the issues?

Whether the gain on sale of agricultural land held by a real estate developer is to be treated as business income or capital gains, and if it qualifies for exemption.

Which sections of the Income-tax Act were involved?

Section 2(14),Section 28,Section 45(2)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BENCH, NAGPUR

Before: SHRI RAVISH SOOD & SHRI JAMLAPPA D BATTULL

For Appellant: Shri S. Shriram, AR
For Respondent: Shri Pradeep Headoo, DR
Hearing: 18.02.2022Pronounced: 09.05.2022

आदेश क� ��त�ल�प अ�े�षत / Copy of the Order forwarded to : अपीलाथ� / The Appellant. 1. ��यथ� / The Respondent. 2. 3. The CIT(Appeals)-1, Nagpur. 4. The CIT-II, Nagpur. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, 5. नागपुर/ DR, ITAT, Nagpur. गाड� फ़ाइल / Guard File. 6. आदेशानुसार / BY ORDER, // True Copy // �नजी स�चव / Private Secretary आयकर अपील�य अ�धकरण, रायपुर / ITAT, Raipur.

30 M/s. Harihar Infrastructure Development Corporation Ltd. Vs. DCIT, Circle-1, Nagpur

Date 1 Draft dictated on 26.04.2021 Sr.PS/PS 2 Draft placed before author 30.04.2021 Sr.PS/PS 3 Draft proposed and placed JM/AM before the second Member 4 Draft discussed/approved AM/JM by second Member 5 Approved draft comes to Sr.PS/PS the Sr. PS/PS 6 Kept for pronouncement on Sr.PS/PS 7 Date of uploading of order Sr.PS/PS 8 File sent to Bench Clerk Sr.PS/PS 9 Date on which the file goes to the Head Clerk 10 Date on which file goes to the A.R 11 Date of dispatch of order

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