https://www.taxtmi.com/caselaws?id=30571 The High Court upheld the findings of the Commissioner of Income Tax and Tribunal, determining that the transaction involving the sale of plots was a transfer of a capital asset, not an adventure in the nature of trade. The court emphasized the significance of the regularity of transactions and the intention behind the purchase. As the land was acquired in 1970 and sold gradually after resolving legal issues, it constituted a disposal of a capital asset, resulting in the income being taxed as capital gains. The appeals were dismissed in favor of the assessee. en-us Thu, 24 Apr 2008 00:00:00 +0530 Mon, 22 Sep 2008 09:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30571 The High Court upheld the findings of the Commissioner of Income Tax and Tribunal, determining that the transaction involving the sale of plots was a transfer of a capital asset, not an adventure in the nature of trade. The court emphasized the significance of the regularity of transactions and the intention behind the purchase. As the land was acquired in 1970 and sold gradually after resolving legal issues, it constituted a disposal of a capital asset, resulting in the income being taxed as capital gains. The appeals were dismissed in favor of the assessee. Case-Laws Income Tax Thu, 24 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30571