https://www.taxtmi.com/caselaws?id=357093 The High Court upheld the Tribunal's decision, dismissing the Revenue's appeal. The Court found that the sale of a portion of the developed property was a normal sale of a capital asset, not a business venture. The acquisition of the property was not for the purpose of undertaking a business venture, and seeking higher returns from the sale of assets does not necessarily indicate a business activity. Therefore, the Rs. 80 lakh was rightly classified as long-term capital gains, not business income. en-us Fri, 05 Jan 2018 00:00:00 +0530 Sat, 17 Mar 2018 08:02:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357093 The High Court upheld the Tribunal's decision, dismissing the Revenue's appeal. The Court found that the sale of a portion of the developed property was a normal sale of a capital asset, not a business venture. The acquisition of the property was not for the purpose of undertaking a business venture, and seeking higher returns from the sale of assets does not necessarily indicate a business activity. Therefore, the Rs. 80 lakh was rightly classified as long-term capital gains, not business income. Case-Laws Income Tax Fri, 05 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357093