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2013 (6) TMI 359 - AT - Income TaxProfit on sale/transfer of land - capital gains v/s business income - Held that:- There is no material filed by the Revenue to rebut the CIT(A)'s findings that the assessee is yet to part with its possession and consideration has not been received as on 31.03.2007. In principle, the contention of the Revenue is that the 'MOU' gives rise to 'business income' instead of 'capital gains' as claimed by the assessee. In this background, the present case involves a single transaction in question. There is no evidence or any cogent material produced which could prove that the property in question held by the assessee for more than five decades has ever been converted into stock-in-trade. Thus unable to accept the contention of the Revenue. Further in the absence of any evidence to the contrary to prove that the 'MOU' in question is not proved as an instance of adventurous trading, CIT (A) has rightly treated income from the transaction in question under the head 'capital gains' instead of 'business' income as done by the AO. In favour of assessee.
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