https://www.taxtmi.com/caselaws?id=57916 The Appellate Tribunal ITAT Bombay ruled in favor of treating the income of Rs. 61,000 received by the assessee as long-term capital gain rather than business income. The Tribunal determined that the transaction involving the re-assignment of shops constituted a transfer of a capital asset, not a business profit, based on the intention behind the purchase of the building by the assessee. The judgment emphasized that the legal character of the transaction is not solely determined by accounting entries, confirming the order of the CIT (Appeals) and dismissing the appeal. en-us Tue, 29 Nov 1983 00:00:00 +0530 Wed, 15 Dec 2010 13:32:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57916 The Appellate Tribunal ITAT Bombay ruled in favor of treating the income of Rs. 61,000 received by the assessee as long-term capital gain rather than business income. The Tribunal determined that the transaction involving the re-assignment of shops constituted a transfer of a capital asset, not a business profit, based on the intention behind the purchase of the building by the assessee. The judgment emphasized that the legal character of the transaction is not solely determined by accounting entries, confirming the order of the CIT (Appeals) and dismissing the appeal. Case-Laws Income Tax Tue, 29 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57916