https://www.taxtmi.com/caselaws?id=459670 Income arising from a development agreement over land used as a workshop was treated as capital gain because the land and factory shed were reflected in the accounts as capital assets, the purchase price was debited to the land account, and there was no evidence of any intention to trade in the land or convert it into stock-in-trade. The factual position remained undisputed, and the continued treatment of the land as a capital asset showed no commercial venture in land dealing. On those facts, the receipt was not assessable as business income, and the capital-gains view was upheld. en-us Mon, 20 Feb 2023 00:00:00 +0530 Sat, 21 Dec 2024 21:24:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459670 Income arising from a development agreement over land used as a workshop was treated as capital gain because the land and factory shed were reflected in the accounts as capital assets, the purchase price was debited to the land account, and there was no evidence of any intention to trade in the land or convert it into stock-in-trade. The factual position remained undisputed, and the continued treatment of the land as a capital asset showed no commercial venture in land dealing. On those facts, the receipt was not assessable as business income, and the capital-gains view was upheld. Case-Laws Income Tax Mon, 20 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459670