https://www.taxtmi.com/caselaws?id=78705 Land purchased with a profit-making motive in anticipation of acquisition may be treated as an adventure in the nature of trade, so the resulting gains are assessable as business income rather than investment gains. The reassessment was also held valid despite no section 143(2) notice within the original time limit, because the amended section 148 scheme preserved such proceedings for the relevant period. Interest under section 234B remained leviable as a compensatory charge on shortfall in advance tax. Interest on enhanced compensation was taxable on receipt, not only on finality, and that component was assessable under profits and gains of business or profession, not income from other sources. en-us Thu, 05 Nov 2009 00:00:00 +0530 Fri, 02 Feb 2018 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78705 Land purchased with a profit-making motive in anticipation of acquisition may be treated as an adventure in the nature of trade, so the resulting gains are assessable as business income rather than investment gains. The reassessment was also held valid despite no section 143(2) notice within the original time limit, because the amended section 148 scheme preserved such proceedings for the relevant period. Interest under section 234B remained leviable as a compensatory charge on shortfall in advance tax. Interest on enhanced compensation was taxable on receipt, not only on finality, and that component was assessable under profits and gains of business or profession, not income from other sources. Case-Laws Income Tax Thu, 05 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78705