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Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Classification of head of Income – adventure in the nature of ...

Income Tax

November 19, 2013

Classification of head of Income – adventure in the nature of trade or sale of capital asset - sale of property after getting the flats constructed - taxable as capital gain - no business profit - AT

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  1. Whether the sale of property was adventure in the nature of trade - Held no - The sale of agricultural plot was not by way of business purpose - HC

  2. Gain on sale of shares - Business income or Capital Gains - Adventure in the nature of trade - Just because the assessee has shifted from the IPOs and has made a...

  3. Taxability of shares issued by amalgamated comapny - the amalgamation is not an adventure in the nature of trade and that this transaction is clearly a capital account...

  4. Sale and purchase of agriculture land - adventure in trade - Merely because of the fact that the land was sold for profit, it cannot be held that income arising from the...

  5. Adventure in the nature of trade or sale of capital asset - sale of property after getting the flats constructed - is it a case of coversion of capital assets into stock...

  6. Capital Gain (LTCG) or Business income - the tests laid down in the decisions support the plea of the Assessee that he did not do any adventure in the nature of trade...

  7. Merely purchase of shares from borrowed funds can not make it an adventure in the nature of trade - HC

  8. Sale of asset - adventure in the nature of trade or would be the normal sale of assets attracting long term capital gain - Revenue’s stand is that pursuit of higher...

  9. Correct head of income - income earned out of sale of property - business income or capital gains - when the asset was converted into stock-in-trade - the assessee has...

  10. Adventure in the nature of trade - Merely because of the fact that the land was sold in a short period of holding, it cannot be held that income arising from the sale of...

 

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