https://www.taxtmi.com/caselaws?id=366413 Profit from sale of land was characterised as business income rather than capital gain where the land was acquired over different periods, pooled with other owners, developed through a common project, and sold in plotted form through a developer-led arrangement. The determining test was the cumulative effect of the assessee's conduct, the organised manner of development and sale, repeated purchases in the same vicinity, and the commercial character of the venture. On those facts, the dominant intention was profit-making through a business project, so the transaction was treated as an adventure in the nature of trade and the sale proceeds were taxable as business income. en-us Tue, 28 Aug 2018 00:00:00 +0530 Tue, 04 Sep 2018 08:12:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366413 Profit from sale of land was characterised as business income rather than capital gain where the land was acquired over different periods, pooled with other owners, developed through a common project, and sold in plotted form through a developer-led arrangement. The determining test was the cumulative effect of the assessee's conduct, the organised manner of development and sale, repeated purchases in the same vicinity, and the commercial character of the venture. On those facts, the dominant intention was profit-making through a business project, so the transaction was treated as an adventure in the nature of trade and the sale proceeds were taxable as business income. Case-Laws Income Tax Tue, 28 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366413