https://www.taxtmi.com/caselaws?id=173500 The Department's appeal was dismissed, affirming that the land sold was a capital asset and the profits were classified as capital gains, not business profits. The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision, emphasizing the long holding period of the land as a fixed asset, consistent treatment in the balance sheet, and lack of intention to treat it as stock in trade. The case outcome aligned with the precedent set in CIT Vs. Mohakampur Ice and Cold Storage, where similar circumstances led to the profits being deemed capital gains. en-us Mon, 14 Mar 2011 00:00:00 +0530 Thu, 17 Sep 2015 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173500 The Department's appeal was dismissed, affirming that the land sold was a capital asset and the profits were classified as capital gains, not business profits. The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision, emphasizing the long holding period of the land as a fixed asset, consistent treatment in the balance sheet, and lack of intention to treat it as stock in trade. The case outcome aligned with the precedent set in CIT Vs. Mohakampur Ice and Cold Storage, where similar circumstances led to the profits being deemed capital gains. Case-Laws Income Tax Mon, 14 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173500