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2015 (11) TMI 1213 - HC - Income TaxIncome from sale of flats - ITAT assessed it as business profits and not as long term capital gains - Held that:- Merely, because the Assessee sold two plots that fell to her share pursuant to collaboration agreement in respect of the property owned by her since 1956, it would not render the transaction as an 'adventure in the nature of trade' leading to the resultant receipt as business income in her hand. Further the Assessee offered the long term capital gains arising out from the same flats to tax and filed her return on that basis. See G. Venkataswami Naidu and Co. v. CIT [1958 (11) TMI 5 - SUPREME Court] Consequently, the question is answered in the negative i.e. in favour of the Assessee and against the Revenue
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