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2011 (2) TMI 63 - DELHI HIGH COURTAgricultural income or business income – Assessee is a partnership concern and do business of real estate developers, building, construction and sale and purchase of property or any other business which the partners mutually decide from time to time - The nature and transaction, intention etc, are to be seen to determine whether a transaction carried on by an assessee is in nature of investment or business activity - The intention of the assessee further became clear when the land after developing, as aforesaid, was sold within the span of fourteen months, that too at a price which was 2.5 times of the cost of acquisition of land. The lands though classified as agriculture were located approximately 15 KM from Gurgaon Committee. Gurgaon falls in NCR. Purchase of land near by this area and its development is a common activity necessity of builders. - The facts and circumstances in present cases do fulfill the criteria expounded by the Honrable Apex court in (1967 -TMI - 5077 - SUPREME Court) and (1960 -TMI - 49546 - SUPREME Court) for treating the transaction as adventure in the nature of trade.
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