https://www.taxtmi.com/caselaws?id=472549 Land consistently recorded as a fixed asset since 2007 and held for more than three years retains its character as a capital asset rather than stock-in-trade, notwithstanding separate land-trading activity. Taxpayers may maintain distinct investment and trading portfolios for immovable properties; classification of other land as trading assets does not, by itself, convert investment land into trading stock or an adventure in the nature of trade. Transfer of the Nikol land therefore gives rise to long-term capital gains, with deduction under section 54F available. en-us Thu, 25 Jul 2019 00:00:00 +0530 Thu, 15 Oct 2026 18:20:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472549 Land consistently recorded as a fixed asset since 2007 and held for more than three years retains its character as a capital asset rather than stock-in-trade, notwithstanding separate land-trading activity. Taxpayers may maintain distinct investment and trading portfolios for immovable properties; classification of other land as trading assets does not, by itself, convert investment land into trading stock or an adventure in the nature of trade. Transfer of the Nikol land therefore gives rise to long-term capital gains, with deduction under section 54F available. Case-Laws Income Tax Thu, 25 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472549