https://www.taxtmi.com/caselaws?id=180345 The Appellate Tribunal ITAT Hyderabad dismissed three appeals by the Revenue, upholding the CIT(A)'s classification of profit earned on the sale of landed property by independent assessees as capital gain. The Tribunal emphasized the assessees' intention at the time of property purchase, noting the long holding period without business activities indicated an investment motive. Partnership in a construction firm was not deemed indicative of real estate business activity in individual capacity. Absence of systematic business activities led to the conclusion that the profit from the property sale was rightly treated as capital gain. en-us Mon, 31 Jan 2011 00:00:00 +0530 Tue, 22 Mar 2016 10:00:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180345 The Appellate Tribunal ITAT Hyderabad dismissed three appeals by the Revenue, upholding the CIT(A)'s classification of profit earned on the sale of landed property by independent assessees as capital gain. The Tribunal emphasized the assessees' intention at the time of property purchase, noting the long holding period without business activities indicated an investment motive. Partnership in a construction firm was not deemed indicative of real estate business activity in individual capacity. Absence of systematic business activities led to the conclusion that the profit from the property sale was rightly treated as capital gain. Case-Laws Income Tax Mon, 31 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180345