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2011 (8) TMI 325 - HC - Income TaxSale of the property by a dealer in real estate - Long Term Capital Gains or business income - the property held by the assessee, HUF was by way of an investment only and not as a stock in trade - It is not denied by the department that prior to the constitution of a partnership, the HUF was holding the property as an investment - In the circumstances,do not find any justification that by a reason of the assessee getting back properties, on a dissolution, the property usually held as as investment would undergo change in the character of the holding, as business income - Consequently, we have no hesitation in dismissing the tax case appeal - The tax case appeal stands dismissed. No costs.
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