https://www.taxtmi.com/caselaws?id=272610 The court ruled in favor of the assessee, determining that the profits from property sales constituted capital receipts and were not subject to taxation as income. The court rejected the Tribunal's view that the properties retained their stock-in-trade character, emphasizing the lack of ongoing property trading activities by the assessee. The judgment favored the assessee, who was entitled to costs and advocate's fee. en-us Thu, 24 Aug 1961 00:00:00 +0530 Wed, 09 May 2018 16:53:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272610 The court ruled in favor of the assessee, determining that the profits from property sales constituted capital receipts and were not subject to taxation as income. The court rejected the Tribunal's view that the properties retained their stock-in-trade character, emphasizing the lack of ongoing property trading activities by the assessee. The judgment favored the assessee, who was entitled to costs and advocate's fee. Case-Laws Income Tax Thu, 24 Aug 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272610