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2014 (4) TMI 865 - HC - Income TaxAdmission of appeal - Nature of income – Income from Business or capital gains - Whether the Tribunal was right in that the sum of Rs.2 crores received by the assessee pursuant to the MOU entered into by it for joint development of its property is assessable under the head income from capital gains and not income from business – Held that:- The AO in adopting the view had not spelt out any material based on which such conclusion was reached - The Revenue does not dispute the fact that the assessee was carrying on business only in insurance, the income returned from business as negative - the assessee had gone for a joint venture agreement for development of the property itself would not lead to the inference that the joint venture was more in the nature of business and that the assessee was engaged in property development - the Revenue had not placed any material to show that the property was to be treated as "business asset" or the assessee converted it into stock-in-trade for the purpose of carrying business with it – thus, there is no ground for admitted the appeal – Decided against Revenue.
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