https://www.taxtmi.com/caselaws?id=72050 The ITAT Bangalore-B Tribunal dismissed the Department's appeal, upholding the CIT(A)'s decision to treat the income from the sale of land by the assessee as capital gains rather than business income. The Tribunal concluded that the transaction did not constitute an 'adventure in the nature of trade' due to factors such as the long-term ownership of the land, absence of prior trading activities, and the intention to hold the land as an investment. Consequently, the income was eligible for exemption under section 54EC of the Income Tax Act. en-us Fri, 20 Feb 2009 00:00:00 +0530 Fri, 27 Oct 2023 15:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72050 The ITAT Bangalore-B Tribunal dismissed the Department's appeal, upholding the CIT(A)'s decision to treat the income from the sale of land by the assessee as capital gains rather than business income. The Tribunal concluded that the transaction did not constitute an 'adventure in the nature of trade' due to factors such as the long-term ownership of the land, absence of prior trading activities, and the intention to hold the land as an investment. Consequently, the income was eligible for exemption under section 54EC of the Income Tax Act. Case-Laws Income Tax Fri, 20 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72050