https://www.taxtmi.com/caselaws?id=456841 ITAT Ahmedabad remanded the case back to AO for fresh adjudication regarding classification of land sale proceeds as LTCG or business income. The assessee purchased agricultural land in 2001, converted it to non-agricultural use in 2008, obtained construction permissions, and entered development agreement in 2013. AO treated gains as business income citing substantial improvement expenses and commercial exploitation. Tribunal found disputed facts requiring detailed investigation of assessee's true intention in acquiring and developing the land. Without complete factual documents and evidence, proper determination was impossible. Appeal allowed for statistical purposes with matter restored to AO. en-us Wed, 13 Sep 2023 00:00:00 +0530 Tue, 20 Aug 2024 23:42:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456841 ITAT Ahmedabad remanded the case back to AO for fresh adjudication regarding classification of land sale proceeds as LTCG or business income. The assessee purchased agricultural land in 2001, converted it to non-agricultural use in 2008, obtained construction permissions, and entered development agreement in 2013. AO treated gains as business income citing substantial improvement expenses and commercial exploitation. Tribunal found disputed facts requiring detailed investigation of assessee's true intention in acquiring and developing the land. Without complete factual documents and evidence, proper determination was impossible. Appeal allowed for statistical purposes with matter restored to AO. Case-Laws Income Tax Wed, 13 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456841