https://www.taxtmi.com/highlights?id=53330 Capital asset or Business asset - assessee had purchased the land for the purpose of constructing flats on it - Various reasons given by CIT(A) to treat the land as capital asset would fail. Uncontroverted fact is that the intention of the assessee, at the time of purchase of the land, was to hold the same as business asset only, which is evident from the purpose for which the land was purchased. en-us Fri, 08 May 2020 11:06:41 +0530 Fri, 08 May 2020 11:06:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=53330 Capital asset or Business asset - assessee had purchased the land for the purpose of constructing flats on it - Various reasons given by CIT(A) to treat the land as capital asset would fail. Uncontroverted fact is that the intention of the assessee, at the time of purchase of the land, was to hold the same as business asset only, which is evident from the purpose for which the land was purchased. Highlights Income Tax Fri, 08 May 2020 11:06:41 +0530 https://www.taxtmi.com/highlights?id=53330