https://www.taxtmi.com/caselaws?id=249959 The ITAT upheld the CIT(A)'s decision to assess the income from the sale of land substantively in the hands of the assessee and classify it as business income. The appeal by the department was dismissed, confirming that the transaction constituted an adventure in the nature of trade, based on factors such as borrowing funds, immediate conversion and sale of land, and the intention to earn a profit. en-us Tue, 13 May 2014 00:00:00 +0530 Tue, 29 Jul 2014 09:03:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249959 The ITAT upheld the CIT(A)'s decision to assess the income from the sale of land substantively in the hands of the assessee and classify it as business income. The appeal by the department was dismissed, confirming that the transaction constituted an adventure in the nature of trade, based on factors such as borrowing funds, immediate conversion and sale of land, and the intention to earn a profit. Case-Laws Income Tax Tue, 13 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249959