https://www.taxtmi.com/caselaws?id=21912 The court ruled in favor of the assessee for assessment years 1962-63, 1963-64, 1965-66, and 1966-67, determining that the lands acquired were for investment purposes, not for trading ventures. The court analyzed the nature of land transactions, purchases, and sales, concluding that the profits should be taxed as capital gains, not business income. The Departmental authorities' treatment of surplus from land sales as business profits was deemed incorrect. The judgment favored the assessee in all instances, with no costs ordered. en-us Thu, 25 Apr 1991 00:00:00 +0530 Fri, 04 Dec 2009 11:39:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21912 The court ruled in favor of the assessee for assessment years 1962-63, 1963-64, 1965-66, and 1966-67, determining that the lands acquired were for investment purposes, not for trading ventures. The court analyzed the nature of land transactions, purchases, and sales, concluding that the profits should be taxed as capital gains, not business income. The Departmental authorities' treatment of surplus from land sales as business profits was deemed incorrect. The judgment favored the assessee in all instances, with no costs ordered. Case-Laws Income Tax Thu, 25 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21912