https://www.taxtmi.com/caselaws?id=251528 The Court ruled in favor of the assessee, determining that the gains on the sale of land should not be treated as business income but as capital gains. The Court found that the land, originally intended for development and construction, had transformed into personal capital assets post-dissolution of the partnership firm. The Tribunal's decision to assess the gains as business income was overturned, and the Court directed the department to decide whether the gains should be classified as long-term or short-term capital gains. en-us Fri, 12 Sep 2014 00:00:00 +0530 Thu, 19 Feb 2015 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251528 The Court ruled in favor of the assessee, determining that the gains on the sale of land should not be treated as business income but as capital gains. The Court found that the land, originally intended for development and construction, had transformed into personal capital assets post-dissolution of the partnership firm. The Tribunal's decision to assess the gains as business income was overturned, and the Court directed the department to decide whether the gains should be classified as long-term or short-term capital gains. Case-Laws Income Tax Fri, 12 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251528