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Therefore, it is clear that considering the nature of Jute Press, which was already subject to litigation, the Hon'ble Court opined that the property purchased was not such that an inference that a venture in the nature of trade must have been intended could be raised. Ltd., the purchaser, only after the purchase of land. He contacted the assessee thereafter, who agreed to sell the Press. Jute Press could have been purchased for own business or for being let out also, and therefore, it could not be said that there was a venture intended. They noted that the permission for non-agricultural use of the said land was obtained for the first time by the Verca Holiday Beach Resort P.
The Assessing Officer noticed that the authorized and the paid up share capital of the company was Rs. Ravinder and Sri Vijayender Tulla, as lessors, with M/s. It was noticed that the total sale of grapes had been shown for A. From the literature available on the internet on this issue, however, it is seen that diseases of this nature are common in grape cropping and effective treatment is available for them. Similarly, the argument that the assessee is not a dealer in real estate business is of no avail, as in the light of several judicial pronouncements, such as G. Vijayender =============================== Maheswaram village, which had been notified, along with other villages by the Urban Development Authorities. 5,51,23,570 which included long term capital gain of Rs. In the note given in the computation of income the assessee had stated as under: "The assessee owns the agricultural lands admeasuring 25 acres and 34 guntas in survey No. The Hon'ble Apex Court opined that the nature of transactions must be determined on a consideration of all the facts and circumstances. 431863 situated at Mankal village in Maheswaram Mandal of R. They had observed that there may be factors both for and against a particular point of view, and therefore, the question has to be answered on a consideration and evaluation of all of them. CIT (supra) is concerned, in the said case also the assessee had agreed to purchase the Jute Press, subject to litigation pending in the High Court of Calcutta. Obviously, the mere capability of the land for being used as agricultural land cannot be considered as a decisive factor. The CIT(A) opined that the Hon'ble Apex court in the case of Sarifabibi Mohmed Ibrahim & Ors. CIT (204 ITR 631) have clearly opined that whether a particular land is agricultural or not is essentially a matter of fact. Vijayender =============================== accordingly, has to be drawn on a "cumulative consideration" of all of the relevant factors. DCIT (2011) (16 406) by relying on the decisions discussed above. In the case of the present assessee, the Government notifications and the imminent development of the area indeed establish that the land sold by the assessee in the said area was not agricultural land at the time of sale. The CIT(A) observed that the case laws relied upon by the representative of the assessee, it is seen that the Assessing Officer has duly distinguished those from the facts of the assessee case. Anthony John Parera (24 SOT 459) (Mum) is concerned, it is seen that in the said case 450 acres of agricultural land had been purchased by that assessee between 1986 to 1992 and a part thereof was sold during the year. It was under these facts that the Mumbai of ITAT held that the entries in Revenue records gave a presumption in favour of the assessee, which could not be rebutted. Even if any agricultural operations were at all carried on the impugned land during the intervening period, it is clear that the assessee was only waiting for an opportune movement for earning the best price in respect of the land, whose very use and status had changed after the notifications. 6 to 8 of 2004, dated 13.1.2010) also supports the view that the change in the land use is indeed the determining factor. Vijayender =============================== activity on the land for the last 9 years, and hence, there was found no intention to do any business.