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
price and easy saleability. Even then, the assessee had kept the plots for more than 5 years and no prudent business person will keep asset idle without optimising the turnover.
Merely because the plots were sold for profit, it cannot be held that income arising from the sale of plots was taxable as profit arising from the adventure
