https://www.taxtmi.com/caselaws?id=399380 The court held that the revenue received by the assessee from the developer should be assessed as long-term capital gains and not as business income. It was determined that the transaction was a transfer of co-ownership property through a Joint Development Agreement and did not constitute an adventure in the nature of trade. The court also directed the Assessing Officer to re-examine the assessee's claim for deduction under Section 54 of the Income-tax Act, 1961. The decision partially allowed the revenue's appeals for statistical purposes. en-us Mon, 05 Oct 2020 00:00:00 +0530 Fri, 09 Oct 2020 14:17:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399380 The court held that the revenue received by the assessee from the developer should be assessed as long-term capital gains and not as business income. It was determined that the transaction was a transfer of co-ownership property through a Joint Development Agreement and did not constitute an adventure in the nature of trade. The court also directed the Assessing Officer to re-examine the assessee's claim for deduction under Section 54 of the Income-tax Act, 1961. The decision partially allowed the revenue's appeals for statistical purposes. Case-Laws Income Tax Mon, 05 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399380