https://www.taxtmi.com/caselaws?id=420688 The Tribunal allowed the appeal, directing the assessment of profit as capital gains instead of business income. The delay in filing the appeal was condoned due to the assessee's age and lack of education, with no objections from the Senior DR. The Tribunal considered the intention behind property purchase for profit determination, emphasizing the absence of trading intent in the property transactions. Citing legal precedents, the Tribunal reversed the lower authorities' decision and ruled in favor of the assessee. en-us Wed, 09 Mar 2022 00:00:00 +0530 Fri, 08 Apr 2022 08:01:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420688 The Tribunal allowed the appeal, directing the assessment of profit as capital gains instead of business income. The delay in filing the appeal was condoned due to the assessee's age and lack of education, with no objections from the Senior DR. The Tribunal considered the intention behind property purchase for profit determination, emphasizing the absence of trading intent in the property transactions. Citing legal precedents, the Tribunal reversed the lower authorities' decision and ruled in favor of the assessee. Case-Laws Income Tax Wed, 09 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420688