https://www.taxtmi.com/caselaws?id=38329 The High Court ruled in favor of the assessee, upholding the Appellate Tribunal's decision to treat the gain from the sale of land as capital gains rather than business income for the assessment year 1969-70. The court emphasized the burden on the revenue to prove that the transactions constituted an adventure in the nature of trade. Factors such as the consistent treatment of previous sales as capital gains, the ancestral nature of the land, and the specific circumstances of the repurchase supported the assessee's position. The revenue was directed to pay the costs of the reference. en-us Tue, 30 Aug 1977 00:00:00 +0530 Mon, 05 Apr 2010 14:14:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38329 The High Court ruled in favor of the assessee, upholding the Appellate Tribunal's decision to treat the gain from the sale of land as capital gains rather than business income for the assessment year 1969-70. The court emphasized the burden on the revenue to prove that the transactions constituted an adventure in the nature of trade. Factors such as the consistent treatment of previous sales as capital gains, the ancestral nature of the land, and the specific circumstances of the repurchase supported the assessee's position. The revenue was directed to pay the costs of the reference. Case-Laws Income Tax Tue, 30 Aug 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38329