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2014 (12) TMI 851 - HC - Income TaxTreatment of income – LTCG or business income – Property acquired for dealing in real estate investment - Held that:- Both the Commissioner and the Tribunal have rightly found that the reliance placed by the Revenue in the case of Rajputana Textile Agencies Ltd. v/s. CIT [1961 (4) TMI 7 - SUPREME Court] was misplaced - partnership firm of husband and wife undertook only one project and completed it only after more than eight years - They did not have any business -They realized that developing the property cannot be their business - The period of nine years coupled with the fact that barring one project nothing more was undertaken, leave alone, completed by the firm, that the property was acquired for dealing in real estate investment – thus, the order of the Tribunal is upheld and as such no substantial question of law arsies for consideration - Decided against revenue.
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