https://www.taxtmi.com/caselaws?id=255450 Profit on sale of land is taxable as capital gains, not business income, where the plots were held and reflected as investments, no development or trading activity was shown, and zoning changes were undertaken only to improve sale value. The assessee's construction business did not, by itself, make the land stock-in-trade. Amounts received under an older Shivajinagar sale agreement were not taxable in the relevant year because the extended definition of transfer had not yet come into force and no completed transfer was established for that assessment year. The Revenue's challenge therefore failed on both issues. en-us Wed, 31 Dec 2014 00:00:00 +0530 Sat, 17 Jan 2015 09:53:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255450 Profit on sale of land is taxable as capital gains, not business income, where the plots were held and reflected as investments, no development or trading activity was shown, and zoning changes were undertaken only to improve sale value. The assessee's construction business did not, by itself, make the land stock-in-trade. Amounts received under an older Shivajinagar sale agreement were not taxable in the relevant year because the extended definition of transfer had not yet come into force and no completed transfer was established for that assessment year. The Revenue's challenge therefore failed on both issues. Case-Laws Income Tax Wed, 31 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255450