ITO, WARD-3(3),, VISAKHAPATNAM vs. SIRIPURAPU CHINATALLI,, VISAKHAPATNAM
In the result, the appeals of the revenue are dismissed
ITA 375/VIZ/2017[2008-2009]Status: DisposedITAT Visakhapatnam13 Feb 2019AY 2008-2009
Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.375/Viz/2017 (ननधधारण वर्ा/Assessment Year:2008-09) Income Tax Officer Vs. Smt.Siripurapu Chinatalli Ward-3(3) D.No.9-16-37/2 Visakhapatnam Gurajada Enclave Cbm Compound Visakhapatnam [Pan : Agrpc1150E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.T.A.No.457/Viz/2017 (ननधधारण वर्ा/Assessment Year: 2008-09) Income Tax Officer Vs. Shri K.V.V.Prasad Ward-3(3) Plot No.301, Vytla Residency Visakhapatnam Balajinagar Siripuram Visakhapatnam (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri D.K.Sonowal, Cit Dr प्रत्यधथी की ओर से/ Respondent By : Shri G.V.N.Hari, Ar सुनवधई की तधरीख / Date Of Hearing : 24.01.2019 : 13.02.2019 घोर्णध की तधरीख/Date Of Pronouncement
For Appellant: Shri D.K.Sonowal, CIT DRFor Respondent: Shri G.V.N.Hari, AR
Section 271(1)(c)
price where risk and margins are high. Therefore, the purchase of land in question can no way be termed as an investment but is only a stock in trade.
8. The consideration received by the assessee represented consideration received in relinquishment of rights acquired through an agreement entered into with RK Mittal. Even the buyers M/s Fortune Infra
