https://www.taxtmi.com/caselaws?id=241591 The court determined that the surplus amount from the sale of land should be classified as long-term capital gain rather than an adventure in the nature of trade. It was established that the transaction was not a business activity but a capital transaction, as the assessee's intention was to sell ancestral land. The court upheld the direction to ascertain the cost of land as on 1.4.1974 and deduct it to calculate the capital gain, in line with legal precedents and the findings of the CIT (A) and ITAT. en-us Mon, 06 Aug 2012 00:00:00 +0530 Fri, 27 Dec 2013 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241591 The court determined that the surplus amount from the sale of land should be classified as long-term capital gain rather than an adventure in the nature of trade. It was established that the transaction was not a business activity but a capital transaction, as the assessee's intention was to sell ancestral land. The court upheld the direction to ascertain the cost of land as on 1.4.1974 and deduct it to calculate the capital gain, in line with legal precedents and the findings of the CIT (A) and ITAT. Case-Laws Income Tax Mon, 06 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241591