https://www.taxtmi.com/caselaws?id=118530 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) (CIT(A)) that the assessee did not engage in an adventure in the nature of trade. The transaction involving the sale consideration of Rs. 71,13,670 was classified as "Capital gains" under section 45(1) read with section 2(47)(v) of the Income Tax Act, 1961. The ITAT dismissed the revenue's appeals, affirming that the income should be taxed as capital gains rather than business receipts. en-us Thu, 22 Dec 2005 00:00:00 +0530 Mon, 02 Jul 2012 18:49:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118530 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) (CIT(A)) that the assessee did not engage in an adventure in the nature of trade. The transaction involving the sale consideration of Rs. 71,13,670 was classified as "Capital gains" under section 45(1) read with section 2(47)(v) of the Income Tax Act, 1961. The ITAT dismissed the revenue's appeals, affirming that the income should be taxed as capital gains rather than business receipts. Case-Laws Income Tax Thu, 22 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118530