CHITRA VENKATARAMAN, J.

1. Following are the questions of law raised by the Revenue in the appeal relating to the assessment year 1999-2000:

"1.Whether in the facts and circumstances of the case, the Tribunal was right in holding that the sale of the property by a dealer in real estate should be treated as capital gains?

2. Whether in the facts and circumstances of the case, the Tribunal was right in treating the property as a capital asset on the ground that the interest on borrowals was capitalised?"

2. The Assessee as a Kartha of the HUF had filed a return of income of Rs.26,45,315/-, under the head "Long Term Capital Gains". The assessment was sought to be taken up for consideration under Section 143 of the Income Tax Act, 1961, treating the said income as business income.

3. The asseseee filed an appeal before the Commissioner of Income Tax Appeals. Aggrieved by the order of the dismissal, the assessee went on a further appeal before the Tribunal. The Tribunal pointed out that the ownership of the asset with the HUF assessee was never denied by the Revenue. The fact that the assessee had plotted out the property by itself would not lead to an assumption that the assesse