https://www.taxtmi.com/caselaws?id=34198 The High Court affirmed the Tribunal's decision that the profit from the sale of land by a partnership firm was correctly treated as capital gains, not business income. The court upheld the adoption of the market value of the land at Rs.200 per sq. yard for computing capital gains, dismissing the revenue's argument that the transaction constituted an adventure in the nature of trade. The High Court found no error in the factual determinations made by the lower authorities and dismissed the appeal accordingly. en-us Wed, 15 Jul 2009 00:00:00 +0530 Thu, 31 Jan 2013 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34198 The High Court affirmed the Tribunal's decision that the profit from the sale of land by a partnership firm was correctly treated as capital gains, not business income. The court upheld the adoption of the market value of the land at Rs.200 per sq. yard for computing capital gains, dismissing the revenue's argument that the transaction constituted an adventure in the nature of trade. The High Court found no error in the factual determinations made by the lower authorities and dismissed the appeal accordingly. Case-Laws Income Tax Wed, 15 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34198