https://www.taxtmi.com/caselaws?id=762038 The ITAT Pune upheld the CIT(A)/NFAC's decision treating profit from land sale as long-term capital gain rather than business income. The assessee held the land for over five years without developmental activity, and Revenue had consistently accepted similar treatment in previous years despite the assessee being a director in various concerns. Following SC precedent in CIT vs. Madan Gopal Radhey Lal, the tribunal emphasized that intention must be determined from evidence and conduct, noting no presumption exists that every acquisition by a dealer is for business purposes. Revenue's appeal was dismissed. en-us Tue, 19 Nov 2024 00:00:00 +0530 Thu, 21 Nov 2024 09:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762038 The ITAT Pune upheld the CIT(A)/NFAC's decision treating profit from land sale as long-term capital gain rather than business income. The assessee held the land for over five years without developmental activity, and Revenue had consistently accepted similar treatment in previous years despite the assessee being a director in various concerns. Following SC precedent in CIT vs. Madan Gopal Radhey Lal, the tribunal emphasized that intention must be determined from evidence and conduct, noting no presumption exists that every acquisition by a dealer is for business purposes. Revenue's appeal was dismissed. Case-Laws Income Tax Tue, 19 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762038