https://www.taxtmi.com/caselaws?id=239636 The appellate tribunal dismissed both the department's and the assessee's appeals regarding the assessment of consideration received for the property 'Indraprastha.' The tribunal determined that the transaction involving the construction of residential units on the property was not a commercial arrangement but rather the utilization of a capital asset. Citing previous decisions and the nature of the transaction, the tribunal upheld the treatment of the consideration as capital gains, in line with the assessee's position. Consequently, both appeals were rejected, affirming the assessment under "capital gains" rather than "business income." en-us Wed, 13 Nov 2013 00:00:00 +0530 Mon, 18 Nov 2013 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239636 The appellate tribunal dismissed both the department's and the assessee's appeals regarding the assessment of consideration received for the property 'Indraprastha.' The tribunal determined that the transaction involving the construction of residential units on the property was not a commercial arrangement but rather the utilization of a capital asset. Citing previous decisions and the nature of the transaction, the tribunal upheld the treatment of the consideration as capital gains, in line with the assessee's position. Consequently, both appeals were rejected, affirming the assessment under "capital gains" rather than "business income." Case-Laws Income Tax Wed, 13 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239636