https://www.taxtmi.com/caselaws?id=785002 Discusses correct head of income for profit on sale of land focusing on distinction between capital asset and trading asset; applies accounting classification, longstanding manner of holding, absence of development, and conduct over years as determinative, with consequence that gains were taxable as capital gains. Notes prior accepted treatment in earlier assessments and reliance on valuation by Valuation Officer for fair market value, reinforcing classification. Observes that post-amalgamation parcels classified as investments formed a separate block distinct from fixed freehold land, and that routine trading activity was not established, with the effect that the impugned reassessment of income as business profit was rejected. en-us Fri, 09 Jan 2026 00:00:00 +0530 Thu, 15 Jan 2026 08:41:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785002 Discusses correct head of income for profit on sale of land focusing on distinction between capital asset and trading asset; applies accounting classification, longstanding manner of holding, absence of development, and conduct over years as determinative, with consequence that gains were taxable as capital gains. Notes prior accepted treatment in earlier assessments and reliance on valuation by Valuation Officer for fair market value, reinforcing classification. Observes that post-amalgamation parcels classified as investments formed a separate block distinct from fixed freehold land, and that routine trading activity was not established, with the effect that the impugned reassessment of income as business profit was rejected. Case-Laws Income Tax Fri, 09 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785002