https://www.taxtmi.com/caselaws?id=118938 The Tribunal held that the income derived from selling land by the assessee, a milk vendor with a family business, was not business income but a means of livelihood due to family needs and limited livelihood options. The land sale was prompted by potential compulsory acquisition or encroachment, and the assessee had held the land for decades without business intent. The Tribunal concluded that the transaction was not a business venture but an effort for livelihood, directing the Assessing Officer to accept the return filed by the assessee. Consequently, the appeal was allowed in favor of the assessee. en-us Mon, 25 Jul 2005 00:00:00 +0530 Fri, 06 Jul 2012 17:43:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118938 The Tribunal held that the income derived from selling land by the assessee, a milk vendor with a family business, was not business income but a means of livelihood due to family needs and limited livelihood options. The land sale was prompted by potential compulsory acquisition or encroachment, and the assessee had held the land for decades without business intent. The Tribunal concluded that the transaction was not a business venture but an effort for livelihood, directing the Assessing Officer to accept the return filed by the assessee. Consequently, the appeal was allowed in favor of the assessee. Case-Laws Income Tax Mon, 25 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118938