https://www.taxtmi.com/caselaws?id=12235 The High Court upheld the Tribunal's decision in a tax case involving the sale of inherited land. The Court ruled that selling land in parcels did not amount to a trade or business, affirming the assessee's claim of "Long-term capital gains." Additionally, the Court determined that interest under section 234B should be levied based on the returned income, dismissing the appeal and emphasizing the significance of intention and continuity in tax liability assessments under the Income-tax Act, 1961. en-us Tue, 12 Nov 2002 00:00:00 +0530 Sat, 20 Feb 2010 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12235 The High Court upheld the Tribunal's decision in a tax case involving the sale of inherited land. The Court ruled that selling land in parcels did not amount to a trade or business, affirming the assessee's claim of "Long-term capital gains." Additionally, the Court determined that interest under section 234B should be levied based on the returned income, dismissing the appeal and emphasizing the significance of intention and continuity in tax liability assessments under the Income-tax Act, 1961. Case-Laws Income Tax Tue, 12 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12235