Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Surplus from sale of 25 plots was treated as capital gains, not business income, because the transaction had to be judged cumulatively: the assessee was not in real estate, the plots were acquired in one transaction, held for about six years, funded from own resources, and there was no evidence of repeated land dealing or intensive development showing a trading venture. Mere multiplicity of plots sold was insufficient to convert investment into stock-in-trade. Agricultural land was also held outside the capital-asset definition under section 2(14), so neither business income nor capital gains arose on its sale or the compulsory acquisition compensation.
Surplus from sale of 25 plots was treated as capital gains, not business income, because the transaction had to be judged cumulatively: the assessee was not in real estate, the plots were acquired in one transaction, held for about six years, funded from own resources, and there was no evidence of repeated land dealing or intensive development showing a trading venture. Mere multiplicity of plots sold was insufficient to convert investment into stock-in-trade. Agricultural land was also held outside the capital-asset definition under section 2(14), so neither business income nor capital gains arose on its sale or the compulsory acquisition compensation.
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