https://www.taxtmi.com/caselaws?id=766436 Gain from sale of shops forming part of a property was treated as capital gains because the asset had been acquired as an investment, consistently shown in balance sheets as a fixed asset and not as stock-in-trade, and similar gains from an earlier sale of the same property had already been accepted as long-term capital gain. The principle of consistency supported the same tax treatment, and the construction of shops on the land did not by itself convert the receipts into business income. Circular No. 4/2007 was also noted for recognising separate investment and trading portfolios. The sale proceeds were therefore taxable as capital gains, not as business income. en-us Fri, 21 Feb 2025 00:00:00 +0530 Tue, 25 Feb 2025 08:24:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766436 Gain from sale of shops forming part of a property was treated as capital gains because the asset had been acquired as an investment, consistently shown in balance sheets as a fixed asset and not as stock-in-trade, and similar gains from an earlier sale of the same property had already been accepted as long-term capital gain. The principle of consistency supported the same tax treatment, and the construction of shops on the land did not by itself convert the receipts into business income. Circular No. 4/2007 was also noted for recognising separate investment and trading portfolios. The sale proceeds were therefore taxable as capital gains, not as business income. Case-Laws Income Tax Fri, 21 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766436