Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
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The case deals with the characterization of profit/receipts from the sale of land, whether it should be treated as business income or long-term capital gain. The Supreme Court in CIT vs. Madan Gopal Radhey Lal held that a trader may acquire an asset for personal purposes and hold it separate from their business stock. There is no presumption that every acquisition by a dealer is for business purposes; the intention must be determined based on the acquirer's conduct and dealings with the asset. In this case, since the assessee held the land for more than five years without developmental activity, and the Revenue accepted the treatment as long-term capital gain in preceding and succeeding years, the CIT(A)/NFAC correctly deleted the addition made by the AO, treating the profit as long-term capital gain. The Appellate Tribunal upheld this decision.
The case deals with the characterization of profit/receipts from the sale of land, whether it should be treated as business income or long-term capital gain. The Supreme Court in CIT vs. Madan Gopal Radhey Lal held that a trader may acquire an asset for personal purposes and hold it separate from their business stock. There is no presumption that every acquisition by a dealer is for business purposes; the intention must be determined based on the acquirer's conduct and dealings with the asset. In this case, since the assessee held the land for more than five years without developmental activity, and the Revenue accepted the treatment as long-term capital gain in preceding and succeeding years, the CIT(A)/NFAC correctly deleted the addition made by the AO, treating the profit as long-term capital gain. The Appellate Tribunal upheld this decision.
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