https://www.taxtmi.com/caselaws?id=63246 The Tribunal ruled in favor of the assessee, classifying the income from the sale of the property as long-term capital gains. The Tribunal found that the assessee's intention was to construct a residential house for personal use, not for business purposes, and the sale did not constitute an adventure in the nature of trade. Therefore, the income was assessed as capital gains, overturning the classification of business income by the Assessing Officer and the Commissioner of Income Tax (Appeals). en-us Mon, 23 Feb 1998 00:00:00 +0530 Fri, 28 Jan 2011 16:45:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63246 The Tribunal ruled in favor of the assessee, classifying the income from the sale of the property as long-term capital gains. The Tribunal found that the assessee's intention was to construct a residential house for personal use, not for business purposes, and the sale did not constitute an adventure in the nature of trade. Therefore, the income was assessed as capital gains, overturning the classification of business income by the Assessing Officer and the Commissioner of Income Tax (Appeals). Case-Laws Income Tax Mon, 23 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63246