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2018 (5) TMI 1098 - HC - Income TaxTreatment to income from six transactions of sale of plots - capital gain or business income - Held that:- Material on record would show that the assessee had entered into multiple agreements to sale with various developers for developing its open land for putting up construction thereon. All these agreements for some reason or the other failed. Having cancelled such agreements, finally, the assessee during the said year, sold six of the open plots. It was on the basis of such facts that CIT [A] and the Tribunal believed that the Assessing Officer was wrong in holding that the assessee was in the business of development of land. Analysis of the agreements entered by the assessee with the developers suggest that the assessee had at no point of time agreed to take any risk in the process. The conclusion drawn by the CIT [A] as well as the Tribunal are based on factual material.
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