https://www.taxtmi.com/caselaws?id=269988 The Delhi High Court ruled in favor of the appellant in a case concerning the characterization of income under the Income Tax Act, 1961. The Court disagreed with the authorities' decision to treat the appellant's income from the sale of flats as business income, stating that the transaction was not an adventure in the nature of trade. The Court emphasized that the nature of the asset did not change and that there was no evidence of commercial intent. The appellant was granted relief, and the Revenue was ordered to compensate her with costs of Rs. 50,000. en-us Mon, 21 Dec 2015 00:00:00 +0530 Fri, 25 Dec 2015 12:31:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269988 The Delhi High Court ruled in favor of the appellant in a case concerning the characterization of income under the Income Tax Act, 1961. The Court disagreed with the authorities' decision to treat the appellant's income from the sale of flats as business income, stating that the transaction was not an adventure in the nature of trade. The Court emphasized that the nature of the asset did not change and that there was no evidence of commercial intent. The appellant was granted relief, and the Revenue was ordered to compensate her with costs of Rs. 50,000. Case-Laws Income Tax Mon, 21 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269988