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2008 (4) TMI 142 - HC - Income TaxAO holding transaction of disposal of large extent of land under site plan, in nature of trade - nothing to show, that the land was purchased with intention to sale it at a profit, or with requisite intention, to bring it within the parameters of “stock in trade” - not shown, that assessee is a regular dealer in real estate – transaction was of capital asset only and not a transaction of any stock-in-trade - therefore, it is liable to be taxed only, as the capital gain – revenue appeal dismissed
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