THE ITO,, VIJAYAWADA vs. SMT GOGINENI SARADA VANI,, VIJAYAWADA
In the result, appeal filed by the Revenue is dismissed and that of assessee is allowed
ITA 122/VIZ/2017[2012-2013]Status: DisposedITAT Visakhapatnam31 Jul 2018AY 2012-2013
Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleito, Ward-2(2), Vs. Smt. Gogineni Sarada Vijayawada. Vani, 40-7-13, J.C. Plaza, Jammichettu Street, Moghalrajpuram, Vijayawada. Pan No. Acfpg 5834 R (Appellant) (Respondent) Smt. Gogineni Sarada Vani, Vs. Ito, Ward-2(2), 40-7-13, J.C. Plaza, Vijayawada. Jammichettu Street, Moghalrajpuram, Vijayawada. Pan No. Acfpg 5834 R (Appellant) (Respondent)
For Appellant: Shri G.V.N. Hari, AdvocateFor Respondent: Shri M.N. Murthy Naik, Sr.DR
Section 143(3)Section 45(2)Section 54F
54F of the Act, the assessee vide letter dated
16/02/2015
submitted that the land was purchased on 11/03/1997 as a capital asset and subsequently after approval of layout, land was divided into plots. The property was subsequently sold after six years and the said transaction was done only to fetch more income and not with any business proposition. The Assessing
