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2014 (10) TMI 548 - HC - Income TaxIncome from sale of property – Capital gains or business income - Whether the Tribunal was correct in holding that the income earned by the assessee on the sale of property at Airport Road should be brought to tax under the head "capital gains" and not under the head "business income" – Held that:- The assessees entered into an agreement to purchase the property from its owners - Thereafter, the same property, the possession of which was taken by them along with others after paying the entire sale consideration to the owner, was sold to M/s. Intel directly by the owner of the property with these eight persons as consenting witnesses - The entire sale consideration was received by these eight members from M/s. Intel as they had paid the entire sale consideration agreed upon and payable to the owner of the property - the transaction being a solitary transaction entered into by the assessees and in the absence of any material to show that they were in the same business and they have entered into such agreement and that they have sold such properties, it is not possible to accept the contention of the Revenue that the transaction is in the nature of trade or adventure – thus, the order of the Tribunal is upheld – Decided against revenue.
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