https://www.taxtmi.com/caselaws?id=427055 The court upheld the authorities' decision to classify the sale of an Industrial Site as "capital gains" instead of "business income" due to lack of evidence supporting the latter. The court also upheld the determination of the cost of acquisition based on statutory documents over self-serving claims. Additionally, the court rejected the appellant's claim for deduction of amounts paid for unproven services related to the industrial site, citing non-alignment with relevant tax laws. The court emphasized the importance of factual findings by lower authorities and dismissed both tax case appeals for lack of evidence to support the appellant's claims. en-us Tue, 05 Jul 2022 00:00:00 +0530 Wed, 31 Aug 2022 10:38:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427055 The court upheld the authorities' decision to classify the sale of an Industrial Site as "capital gains" instead of "business income" due to lack of evidence supporting the latter. The court also upheld the determination of the cost of acquisition based on statutory documents over self-serving claims. Additionally, the court rejected the appellant's claim for deduction of amounts paid for unproven services related to the industrial site, citing non-alignment with relevant tax laws. The court emphasized the importance of factual findings by lower authorities and dismissed both tax case appeals for lack of evidence to support the appellant's claims. Case-Laws Income Tax Tue, 05 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427055