https://www.taxtmi.com/caselaws?id=341439 The High Court upheld the Tribunal's decision to treat the income from the sale of land as "capital gains" instead of "business income." The Court found that the land was acquired as an investment, not for trading purposes, supported by the intention to hold it as a capital asset. The Court also confirmed that loans advanced to sister concerns were given for commercial expediency, as previously ruled by the Tribunal. The Court dismissed the Revenue's appeals and deemed the assessee's appeals non-surviving. en-us Thu, 03 Nov 2016 00:00:00 +0530 Sat, 08 Apr 2017 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341439 The High Court upheld the Tribunal's decision to treat the income from the sale of land as "capital gains" instead of "business income." The Court found that the land was acquired as an investment, not for trading purposes, supported by the intention to hold it as a capital asset. The Court also confirmed that loans advanced to sister concerns were given for commercial expediency, as previously ruled by the Tribunal. The Court dismissed the Revenue's appeals and deemed the assessee's appeals non-surviving. Case-Laws Income Tax Thu, 03 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341439