ISHWAR DWELLINGS PVT. LTD,KANPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX -1, KANPUR
In the result, the appeal of the assessee stands allowed
ITA 44/LKW/2021[2015-2016]Status: DisposedITAT Lucknow17 May 2022AY 2015-2016
Bench: Shri A. D. Jain & Shri T. S. Kapoorassessment Year:2015-16
Section 115JSection 142(1)Section 143(3)Section 154Section 2(14)Section 263
section 2(14)(iii)(b)(1) of the Act, the land sold is not capital asset not chargeable to tax under the head capita gain, yet he completely ignored to verify and examine the nature and character of the land which was purchased by the assessee on 17.02.2011 with the motive of developing the land.
4.6
Regarding first observation
