THE ACIT, TRICHUR vs. SRI.ARUN MAJEED, THRISSUR

In the result, the appeals of the Revenue are dismissed

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

155) "However, there can be no adventure in the nature of trade found, since the assessee had not identified the seller long prior and had not purchased the land holdings with a definite and sole intention to sell it". (Page No. 156) "As noticed by the Hon'ble Supreme Court, though there was an intention to derive profit on sale

THE ACIT, TRICHUR vs. SRI.ARUN MAJEED, THRISSUR

In the result, the appeals of the Revenue are dismissed