https://www.taxtmi.com/caselaws?id=119100 The Tribunal ruled in favor of the individual, determining ownership of land based on possession, classifying income from the sale of land as capital gains rather than business income, and allowing indexation benefits in computing taxable income. The individual's physical possession and control over the land established ownership for tax purposes, and the income from the sale of the land, treated as capital gains, was not considered business income despite being acquired during business activities. Indexed costs and expenses were considered in computing the taxable income, with the Tribunal dismissing the Revenue's appeal. en-us Mon, 21 Feb 2005 00:00:00 +0530 Thu, 10 Jan 2013 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119100 The Tribunal ruled in favor of the individual, determining ownership of land based on possession, classifying income from the sale of land as capital gains rather than business income, and allowing indexation benefits in computing taxable income. The individual's physical possession and control over the land established ownership for tax purposes, and the income from the sale of the land, treated as capital gains, was not considered business income despite being acquired during business activities. Indexed costs and expenses were considered in computing the taxable income, with the Tribunal dismissing the Revenue's appeal. Case-Laws Income Tax Mon, 21 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119100