Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Characterisation of flat-sale proceeds depends primarily on the taxpayer's intention, determined from the totality of circumstances, including the stated objects, consistent investment treatment, period of holding, leasing efforts, absence of other projects, and lack of regular trading activity. Although book treatment is not conclusive, it is relevant. Sales over different years after unsuccessful efforts to obtain tenants did not amount to an adventure in the nature of trade. Where the Revenue had accepted capital-gains treatment in earlier years and no distinguishing facts or incriminating material existed, consistency required the same treatment. The proceeds were therefore assessable as capital gains rather than business income, and the Revenue's appeal was dismissed.
Characterisation of flat-sale proceeds depends primarily on the taxpayer's intention, determined from the totality of circumstances, including the stated objects, consistent investment treatment, period of holding, leasing efforts, absence of other projects, and lack of regular trading activity. Although book treatment is not conclusive, it is relevant. Sales over different years after unsuccessful efforts to obtain tenants did not amount to an adventure in the nature of trade. Where the Revenue had accepted capital-gains treatment in earlier years and no distinguishing facts or incriminating material existed, consistency required the same treatment. The proceeds were therefore assessable as capital gains rather than business income, and the Revenue's appeal was dismissed.
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