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Income Tax

Determination of character of income - LTCG or Business income -...

Land Sale Gains Classified as Long-Term Capital Gains, Not Business Income, After Division into Pieces.

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Income TaxNovember 21, 2018Case LawsAT

Determination of character of income - LTCG or Business income - commercial intention - assessee, in essence, has sold the land by dividing into pieces of land - gain arising on sale of land cannot be regarded as ‘business income’

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