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2016 (7) TMI 401 - HC - Income TaxProfit on sale of property - Nature of income - Business income v/s capital gain - Held that:- All along the said property has been held by the assessee as its capital asset and at no stage it was converted into its stock in trade. On similar set of facts and circumstances, the assessing officer, in assessee’s own case for the assessment year 1990-91, had assessed the profit from similar activity as capital gains. In the light of the above facts hold that the profit from the sale of property, in this shall be treated as capital gain. - Decided against revenue
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