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2009 (8) TMI 758 - ITAT PUNE-ACapital gain or business income - assessee had shown the long-term capital gain of Rs. 3,87,92,970 arrived on sale of land - The AO was not in agreement with the contention of the assessee that the amount received on sale of land was a capital gain in nature and against that he had proceeded to assess the same as business income - Held that: neither there was a frequency of transaction nor the purchase appeared to be intended to trade in the land but it was retained for a considerable period i.e., about 10 years and if a gain was achieved on sale, the same can be said to be clearly outside the domain of business activity.
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