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2009 (7) TMI 21 - PUNJAB AND HARYANA HIGH COURTAdventure in the nature of trade – sale of land – Business Profit or Capital Gains - The land was sold on winding up of the firm. The said income was claimed to be income from capital gain. - The Assessing Officer, however, held the said income to be not from capital gain but from business, by treating the sale to be adventure in the nature of trade – CIT (A), ITAT answered in favor of assessee by following the decision of Supreme Court in the matter of Raja Bahadur Kamakhya Narain Singh Vs. CIT [2008 -TMI - 6192 - SUPREME Court] – Held that it was not business of assessee to purchase and sell the land and having regard to all the circumstances, the income of the assessee was covered by the head of capital gain
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