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2020 (3) TMI 394 - KARNATAKA HIGH COURTCorrect head of income - capital gain or business income - Sale of land as mentioned under the head ‘property’ - HELD THAT:- Assessee has not conducted any other activity other than holding the land as investment. It is also pertinent to mention here that the revenue has not come up with any documentary evidence to suggest that assessee had earned income from the transaction to the land in question during the year 2003-04. The Tribunal thereafter on the basis of meticulous appreciation of evidence on record has recorded a finding that assessee has rightly disclosed the income from the property as long term capital gains instead of business income. The aforesaid finding by no stretch of imagination can be believed to either perverse and arbitrary. - Decided in favour of assessee.
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