https://www.taxtmi.com/caselaws?id=214637 The Tribunal upheld the CIT(A)'s decision to treat the income from the sale of the property as "long term capital gain" instead of "business income." The Tribunal considered factors such as the lack of business activity for nine years, absence of regular books of accounts, and the property being held for investment purposes. The decision emphasized the intention behind holding the property and dismissed the Revenue's appeal, citing relevant case law to support the assessee's position. en-us Wed, 30 May 2012 00:00:00 +0530 Thu, 14 Apr 2016 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214637 The Tribunal upheld the CIT(A)'s decision to treat the income from the sale of the property as "long term capital gain" instead of "business income." The Tribunal considered factors such as the lack of business activity for nine years, absence of regular books of accounts, and the property being held for investment purposes. The decision emphasized the intention behind holding the property and dismissed the Revenue's appeal, citing relevant case law to support the assessee's position. Case-Laws Income Tax Wed, 30 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214637