Itta/15/2014 Of The Commissioner Of Income Tax-Iv v. D.suvarna

IN THE HIGH COURT OF JUDICATURE, ANDHRA PRADESH ATHYDERABAD THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTISENGUPTA ANDTHE HON’BLE SRI JUSTICE SANJAY KUMAR ITTA No. 15 OF 2014 DATE: 04.02.2014 Between: The Commissioner of Income Tax-IV,Hyderabad. … Appellant And D. SuvarnaHyderabad. … Respondent This Court made the following: THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAANDTHE HON’BLE SRI JUSTICE SANJAY KUMAR ITTA No. 15 of 2014 JUDGMENT:(Per the Hon’ble The Chief Justice Sri Kalyan Jyoti Sengupta) This appeal is sought to be preferred and admitted on the following suggested questions of law. “1. Whether on the facts and in the circumstances of the case,the order of the Tribunal is not perverse? 2. Whether on the facts and in the circumstances of the case,the Tribunal is correct in law, in holding that the income derived bythe assessee from sale of plots should be assessed underthe head ‘capital gains’ and under the head ‘businessincome’? 3. Whether on the facts and in the circumstances of the case,the Tribunal is correct in law, in holding that the assessee isentitled for deduction u/s. 54F of the Act?” We have heard Mr. Prasad, learned counsel appearing for theappellant, and gone through the impugned judgment and order of thelearned Tribunal. It appears that all the authorities below came to the conclusionon concurrent fact finding that the assessee is carrying on agriculturaloperation in the land in question and the profit on the amount ofconsideration in the hands of the assessee has been correctly assessedas ‘capital gain’. Hence, we do not find any reason to interfere with the same. The appeal is accordingly dismissed. No costs. ___________________ K.J. SENGUPTA, CJ Date: 04.02.2014ES ___________________SANJAY KUMAR, J