https://www.taxtmi.com/caselaws?id=209371 The High Court remanded the case to the Income Tax Appellate Tribunal (ITAT) for further examination to determine whether the profit earned by the appellant should be classified as business profit or capital gain. The Court stressed the significance of establishing the actual date of acquisition of the property before making a determination on the nature of the profit. The ITAT was instructed to reconsider the classification of the profit in light of the new findings on the acquisition date, with all arguments remaining open for review. The previous decisions were overturned, and the matter was returned to the Tribunal for a fresh decision. en-us Mon, 25 Oct 2010 00:00:00 +0530 Sat, 20 Jul 2013 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209371 The High Court remanded the case to the Income Tax Appellate Tribunal (ITAT) for further examination to determine whether the profit earned by the appellant should be classified as business profit or capital gain. The Court stressed the significance of establishing the actual date of acquisition of the property before making a determination on the nature of the profit. The ITAT was instructed to reconsider the classification of the profit in light of the new findings on the acquisition date, with all arguments remaining open for review. The previous decisions were overturned, and the matter was returned to the Tribunal for a fresh decision. Case-Laws Income Tax Mon, 25 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209371