https://www.taxtmi.com/highlights?id=93116 ITAT upheld the CIT(A)'s determination that the surplus from the sale of land is assessable under the head "capital gains" and not as business income, dismissing the Revenue's appeal. The Tribunal concurred with the finding that the properties were divested after a considerable lapse of time and that the assessee lacked intention to carry on a land-trading or real-estate business; consequently the AO's characterization of the transactions as an adventure in the nature of trade was rejected. The ITAT relied on the assessee's prior favorable orders for earlier assessment years as directly applicable and remitted action to the AO to assess the surplus as capital gains in accordance with law. en-us Mon, 06 Oct 2025 09:11:32 +0530 Mon, 06 Oct 2025 09:11:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=93116 ITAT upheld the CIT(A)'s determination that the surplus from the sale of land is assessable under the head "capital gains" and not as business income, dismissing the Revenue's appeal. The Tribunal concurred with the finding that the properties were divested after a considerable lapse of time and that the assessee lacked intention to carry on a land-trading or real-estate business; consequently the AO's characterization of the transactions as an adventure in the nature of trade was rejected. The ITAT relied on the assessee's prior favorable orders for earlier assessment years as directly applicable and remitted action to the AO to assess the surplus as capital gains in accordance with law. Highlights Income Tax Mon, 06 Oct 2025 09:11:32 +0530 https://www.taxtmi.com/highlights?id=93116