Assessee was engaged in purchase and sale of immovable properties-During relevant year, assessee sold agricultural plot and resultant gain was claimed as exempt on grounds that land was located outside municipal limits. The Assessing Officer however held that land was held as stock in trade and resultant income was business income as intention of assessee to sell land at time of purchase was clear from fact that successive returns had been filed declaring same as stock-in-trade and no investments had been made by assessee in last five years. CIT(A) affirmed the order of the AO. On appeal the Tribunal held that   main objects of company were to acquire, purchase, take on lease or otherwise any land, building, structures, plot, to act as real estate agents in connection with buildings, schemes and also to be colonizers to sale plots and flats and  having acquired land as stock-in-trade, land continued to be held for business purpose and continued to be shown as closing stock for all years  and also on going through Memorandum and Articles of Association, conduct and business affairs of assessee, and on perusal of books of account of assessee, income from sale of plot could not be said to be an income arising out of capital gains and had been rightly treated as business income.  (AY. 2011-12)