https://www.taxtmi.com/caselaws?id=468199 Planned real-estate development, approval of the township layout, and transfer of land through a developer agreement to a concern connected with the assessee showed a commercial adventure rather than mere disposal of a capital asset. The Tribunal treated the profits from sale of the immovable properties as business income, not capital gains, and accepted the Revenue's characterization. It also held that the genuineness of the claimed development expenditure required fresh factual verification from bills and vouchers, so that limited issue was remitted to the Assessing Officer for examination of actual allowable expenditure if duly proved. en-us Tue, 01 Jul 2025 00:00:00 +0530 Tue, 21 Apr 2026 18:59:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468199 Planned real-estate development, approval of the township layout, and transfer of land through a developer agreement to a concern connected with the assessee showed a commercial adventure rather than mere disposal of a capital asset. The Tribunal treated the profits from sale of the immovable properties as business income, not capital gains, and accepted the Revenue's characterization. It also held that the genuineness of the claimed development expenditure required fresh factual verification from bills and vouchers, so that limited issue was remitted to the Assessing Officer for examination of actual allowable expenditure if duly proved. Case-Laws Income Tax Tue, 01 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468199