1981 (12) TMI 49 - AT - Income Tax

Summary

The appeal was filed by the assessee after the expiry of the limitation period, but the Tribunal admitted the appeal considering the reasons for the delay. The dispute was regarding income from a land sale treated as an adventure in trade, but the Tribunal held it was a realization of investment, not a trade. The income may be charged as capital gain, not under the head "Business". The appeal was allowed.