TMI BlogCorrect head of income - Capital gain or business income - income from sale of land - . Merely because,...Correct head of income - Capital gain or business income - income from sale of land - . Merely because, the assessee earned huge profits thereon cannot alone be the criteria or basis for understanding the intention of the assessee in undertaking the transaction. - There was no basis at all with the A.O. for treating the transaction as an adventure in the nature of trade. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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