Dismissing the appeal the Court held that the Tribunal’s order, rejecting the assessee’s contention that the intention was always to retain the properties acquired as agricultural land and not to treat them as capital asset for the purposes of business, was not unreasonable and unsound. The analysis of facts by the Tribunal was with respect to the facts and the findings were on an application of mind based upon the factual material. Accordingly taxable as business income . (AY. 2008 -09)
Sunil Bansal v. ACIT (2019) 415 ITR 236/ 267 Taxman 87 (Raj.)(HC) Editorial: SLP of assessee dismissed , Sunil Bansal v. CIT (2022) 287 Taxman 175/113 CCH 172 (SC)/ Review petition dismissed, Sunil Bansal v. CIT (2022) 288 Taxman 650 (SC)
S.28(i) Business income- : Capital Gains-Capital asset-Agricultural land-Purchase lands from land owners, convert them for non-agricultural use and sell them to companies-Property sold was not capital asset- Assessable as business income . [S. 2(14), 45 ]