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2013 (11) TMI 836 - AT - Income TaxClassification of head of Income – adventure in the nature of trade or sale of capital asset - sale of property after getting the flats constructed - whether it is case of conversion of property (capital asset) into the stock in trade u/s 45(2) - Whether the income falls under the head Capital Gains or Business income - Held that:- Arrangement between these co-owners and GPIL cannot be termed as commercial arrangement for the simple reason that the piece of land including the bungalow inherited by these co- owners was a capital asset - Character of these asset, which was capital in nature, remained the same even after construction - Sale consideration received by these co-owners was on account of sale of capital asset – Decided against the Revenue.
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