https://www.taxtmi.com/caselaws?id=119499 The Tribunal allowed the assessees' appeals, determining that the income from the sale of land should be treated as capital gains, not business income. The Tribunal found no evidence of an adventure in the nature of trade, given the assessees' lack of involvement in real estate. The revenue's appeals were dismissed, as the Tribunal upheld the CIT(A)'s deletion of additions for alleged understatement of sale price, citing unreliable evidence and lack of opportunity for cross-examination. The Tribunal found no justification for the AO's reliance on evidence from a different assessment year. en-us Fri, 27 Apr 2007 00:00:00 +0530 Thu, 15 Feb 2024 13:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119499 The Tribunal allowed the assessees' appeals, determining that the income from the sale of land should be treated as capital gains, not business income. The Tribunal found no evidence of an adventure in the nature of trade, given the assessees' lack of involvement in real estate. The revenue's appeals were dismissed, as the Tribunal upheld the CIT(A)'s deletion of additions for alleged understatement of sale price, citing unreliable evidence and lack of opportunity for cross-examination. The Tribunal found no justification for the AO's reliance on evidence from a different assessment year. Case-Laws Income Tax Fri, 27 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119499