https://www.taxtmi.com/caselaws?id=756276 Kerala HC ruled in favor of the assessee regarding classification of profits from land sales. Revenue contended that despite the assessee's primary business of running medical shops, land transactions constituted business income as adventure in nature of trade. The court held that when property is held for investment purposes and later sold, gains fall under capital gains, not business income. The burden lies on Revenue to prove contrary with reliable evidence. ITAT found no evidence of typical real estate trading activities like advertising, development plans, plotting, or commercial activities. The assessee treated properties as investments, not stock-in-trade, and disposed them during favorable market conditions. en-us Fri, 19 Jul 2024 00:00:00 +0530 Wed, 31 Jul 2024 08:38:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756276 Kerala HC ruled in favor of the assessee regarding classification of profits from land sales. Revenue contended that despite the assessee's primary business of running medical shops, land transactions constituted business income as adventure in nature of trade. The court held that when property is held for investment purposes and later sold, gains fall under capital gains, not business income. The burden lies on Revenue to prove contrary with reliable evidence. ITAT found no evidence of typical real estate trading activities like advertising, development plans, plotting, or commercial activities. The assessee treated properties as investments, not stock-in-trade, and disposed them during favorable market conditions. Case-Laws Income Tax Fri, 19 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756276