https://www.taxtmi.com/caselaws?id=395834 Profit from sale of immovable property was taxable as capital gains, not business income, because the property was shown as a fixed asset, no depreciation was claimed, and it was held for a long period. The isolated sale did not indicate an organised trading activity or property development business. For determining adventure in the nature of trade, the relevant factors were the intention at acquisition, period of holding, and treatment in the books, and the development expenditure incurred over time was insufficient by itself to convert the transaction into trade. en-us Mon, 08 Jun 2020 00:00:00 +0530 Wed, 06 Nov 2024 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395834 Profit from sale of immovable property was taxable as capital gains, not business income, because the property was shown as a fixed asset, no depreciation was claimed, and it was held for a long period. The isolated sale did not indicate an organised trading activity or property development business. For determining adventure in the nature of trade, the relevant factors were the intention at acquisition, period of holding, and treatment in the books, and the development expenditure incurred over time was insufficient by itself to convert the transaction into trade. Case-Laws Income Tax Mon, 08 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395834