https://www.taxtmi.com/caselaws?id=796613 Sale of flats was characterised as giving rise to capital gains rather than business income because the flats were acquired, recorded and managed as investments, including efforts to lease them. The isolated project, substantial holding period, staggered sales, and lack of volume, frequency, continuity or regularity associated with real-estate trading supported investment intent. While accounting treatment was not conclusive, it remained relevant when considered with the overall conduct. Earlier acceptance of capital-gains treatment, without changed facts or incriminating material, also supported consistency. Whether a transaction is an adventure in the nature of trade depends on intention and the totality of circumstances, with the Revenue bearing the burden of proving trading character. en-us Tue, 04 Aug 2026 00:00:00 +0530 Fri, 07 Aug 2026 09:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796613 Sale of flats was characterised as giving rise to capital gains rather than business income because the flats were acquired, recorded and managed as investments, including efforts to lease them. The isolated project, substantial holding period, staggered sales, and lack of volume, frequency, continuity or regularity associated with real-estate trading supported investment intent. While accounting treatment was not conclusive, it remained relevant when considered with the overall conduct. Earlier acceptance of capital-gains treatment, without changed facts or incriminating material, also supported consistency. Whether a transaction is an adventure in the nature of trade depends on intention and the totality of circumstances, with the Revenue bearing the burden of proving trading character. Case-Laws Income Tax Tue, 04 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796613