Punjab & Haryana H.C : Whether, on the facts and in the circumstances of the case, the profit of Rs. 8,54,141 on the sale of land made by the assessee was assessable as business profits or as capital gains ?

Counsel Appeared

Gupta & Sanjay Bansal, for the Assessee : L.K. Sood, for the Revenue

RAMASWAMI, C. J.:

We are satisfied that the following question of law does arise out of the order of the Tribunal: “Whether, on the facts and in the circumstances of the case, the profit of Rs. 8,54,141 on the sale of land made by the assessee was assessable as business profits or as capital gains ?”

2. Accordingly, we direct the Tribunal to draw up a statement of the case and refer the aforesaid question of law to this Court for its opinion.

[Citation : 177 ITR 454]