Held that the intention of assessee was to hold asset as capital asset and hence the order of CIT(A) assessing the consideration as capital gain is affirmed. As regards the allowability of cost of construction of shed, the matter is remanded back to the file of the Assessing Officer for granting an opportunity of hearing. (AY. 2011-12)
ACIT v. Pravin Mnailal Sanghvi. (2023) 199 ITD 534 (Pune) (Trib.)
S. 45 : Capital gains-Land sold after a gap of 13 years-Assessable as capital gains and not as business income-Cost of acquisition-Matter remanded. [S.28(i), 55]