https://www.taxtmi.com/caselaws?id=257341 The High Court affirmed that gains from the sale of land were correctly classified as long-term capital gains, not business profit. The disallowance of development expenses exceeding Rs. 2.00 lakhs was upheld due to insufficient evidence of trading activity. The Court emphasized the transaction resembled capital investment realization, not a trade venture, leading to the dismissal of the Tax Case (Appeal). en-us Wed, 25 Feb 2015 00:00:00 +0530 Tue, 10 Mar 2015 06:05:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257341 The High Court affirmed that gains from the sale of land were correctly classified as long-term capital gains, not business profit. The disallowance of development expenses exceeding Rs. 2.00 lakhs was upheld due to insufficient evidence of trading activity. The Court emphasized the transaction resembled capital investment realization, not a trade venture, leading to the dismissal of the Tax Case (Appeal). Case-Laws Income Tax Wed, 25 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257341