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2016 (8) TMI 954 - HC - Income TaxSale proceeds from sale of flats - capital gain or business income - Held that:- Tribunal after considering the respective case of the assessee has found that the income derived by the assessee from the flat was treated as income from house property. Further the land of the property was retained for the last 15 years. The property was retained, developed by construction of flat and the interest for the loan taken has also been capitalized and not debited as the revenue expenditure. The Tribunal on facts has found that the intention was to earn income from house property and the expenses so incurred for construction, interest of the loan etc., are capitalized and the property at the land, at no point of time was treated as stock-in-trade. Under these circumstances, the Tribunal found that it was not the business income nor it can be said that the assessee had undertaken an organized activity for construction and it can be termed as the capital gain and not the business income. In our view, as such on appreciation of the evidence and material on record, the Tribunal has arrived at a finding on fact that it was a capital gain and not the business income. No substantial question of law - Decided against revenue
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