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2015 (3) TMI 277 - HC - Income TaxGains arising from sale of land - business profit or capital gains - Held that:- Neither in the assessment order nor in the order of the Commissioner of Income Tax (Appeals) there is any material to show that the assessee is engaged continuously in the business of purchasing and selling of land with or without development, as has been observed by the Commissioner of Income Tax (Appeals). A solitary instance of purchase in the year 1993, development and plotting out in the assessment year 2001 cannot partake the character of business venture or profit. ITAT was right in holding that the gains arising from sale of land is not business profit and liable only to be assessed under capital gains - Decided in favour of assessee.
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