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2018 (11) TMI 1179 - HC - Income TaxNature of income - capital gain or busniss income - income from sale of land - period of holding - Held that:- We are of the opinion that the transaction cannot be considered to be an adventure in the nature of trade and the findings so entered by the AO on meagre details of transactions of purchase long prior and sale together after 12-15 years, as found from the assessment order cannot be justified in law. We also have to notice that at the time of the first appeal, there was a remand report called for; based on which the first appellate authority found that there could be no exemption granted from capital gains as there were no agricultural operations carried on and the sale cannot be deemed to be of agricultural lands. We would not interfere with that portion of the first appellate authority's order, which the Tribunal also has not interfered with. However, we reject the instant appeal, affirming the order of the Tribunal and answering the question of law in favour of the assessee and against the Revenue. The direction to assess capital gains has achieved finality and what remains is only computation in accordance with the provisions of the IT Act
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