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2011 (8) TMI 725 - HC - Income TaxSale of the property taxable under "Capital Gains" OR "Business Income" - Object of Partnership expanded to include development of property and sale of property - Held That:- Sale of property was not to earn profit but to wipe out the liability of developing property. In span of 10 years only four sales were made, assessee also earning income by way of rents all this shows that they are not in business of sale and purchase of immovable property. Thus taxable as Capital Gains.
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