https://www.taxtmi.com/caselaws?id=378871 The High Court upheld the Tribunal's decision that income from the sale of nonagricultural land by a partnership firm engaged in construction and land development should be treated as Long Term Capital Gain, not Business income. The Court emphasized that the firm's treatment of the land as an investment was supported by its books of account and inspection reports confirming no construction activity. The Court concluded that holding assets as both investment and stock-in-trade simultaneously is permissible, dismissing the appeal as no substantial legal question emerged. en-us Tue, 26 Feb 2019 00:00:00 +0530 Mon, 22 Apr 2019 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378871 The High Court upheld the Tribunal's decision that income from the sale of nonagricultural land by a partnership firm engaged in construction and land development should be treated as Long Term Capital Gain, not Business income. The Court emphasized that the firm's treatment of the land as an investment was supported by its books of account and inspection reports confirming no construction activity. The Court concluded that holding assets as both investment and stock-in-trade simultaneously is permissible, dismissing the appeal as no substantial legal question emerged. Case-Laws Income Tax Tue, 26 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378871