CEPT v. Shri Lakshmi Silk Mills Ltd.

MR.P.C.JOSE,,COCHIN vs. DCIT, COCHIN

In the result, the assessee’s appeal is dismissed, and the Revenue’s appeal is partly allowed and partly allowed for statistical purposes

Bench: Shri Sanjay Arora & Shri Manomohan Dasp.C. Jose Deputy Commissioner Of Prop. Brothers Agencies Income Tax, Circle-2(1) Jews Street Vs. Kochi Ernakulam 682031 [Pan: Abbpj8250F] (Appellant) (Respondent) Deputy Commissioner Of P.C. Jose Income Tax, Circle-2(1) Prop. Brothers Agencies Kochi Vs. Jews Street Ernakulam 682031 [Pan: Abbpj8250F] (Appellant) (Respondent)

…f time, had been adduced, disallowed the same. Business, a term of wide import, though implying continuous activity in carrying a particular trade or vocation, may include an activity which may be called ‘quiescent’ (CIT vs. Calcutta National Bank Ltd. [1959] 37 ITR 171 (SC)). Even a single transaction can be amount a business (refer paras 2.1 to 2.4 of the assessment order). Denying exemption on the gain on sale of such land/s, it was computed as under: (para 2.5) (Amount in Rs.) Sale consideration for the 8 plots sold 19,35,80,550 Less: Cost of acquisition (80789034 – 4225059) 7,65,63,975 11,70,16,575 Less: Bro…