https://www.taxtmi.com/caselaws?id=274044 The Tribunal ruled in favor of the appellant, overturning the lower authorities' classification of the profit on the sale of land as business income. The Tribunal emphasized the intention of the partners at the time of land purchase, the treatment in the books, and lack of direct involvement in development activities to determine that the land was intended as an investment, not stock-in-trade. It concluded that the profit should be assessed as capital gain, highlighting the absence of business activities related to land development and construction risks borne by the appellant. en-us Fri, 17 Jun 2016 00:00:00 +0530 Thu, 26 Jul 2018 08:50:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274044 The Tribunal ruled in favor of the appellant, overturning the lower authorities' classification of the profit on the sale of land as business income. The Tribunal emphasized the intention of the partners at the time of land purchase, the treatment in the books, and lack of direct involvement in development activities to determine that the land was intended as an investment, not stock-in-trade. It concluded that the profit should be assessed as capital gain, highlighting the absence of business activities related to land development and construction risks borne by the appellant. Case-Laws Income Tax Fri, 17 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274044