TMI BlogCorrect head of income - Business Income or capital gain - assessee decided to sale the agriculture...Correct head of income - Business Income or capital gain - assessee decided to sale the agriculture land, due to compulsion, hence assessee cannot be treated as a trader in land and therefore his income cannot be assessed under the head “Business Income”. Hence, these above facts prove, that intention of the assessee is to hold the land as Capital Assets, therefore, we direct the assessing officer to assess the assessee`s transaction under the head capital gain. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
