https://www.taxtmi.com/caselaws?id=59443 The ITAT ruled in favor of the appellant, directing the AO to classify the loss incurred on the sale of an industrial building as a business loss instead of a short-term capital loss for the assessment year 1999-2000. The ITAT emphasized the business purpose of the activity, noting the receipt of advances for the sale of industrial galas and the absence of depreciation claims on the asset used for constructing galas. The ITAT rejected the CIT(A)'s argument that the business never materialized, stating that the appellant engaged in business activities and sold the project as part of a composite deal. Consequently, the appeal was allowed, and the loss was treated as a business loss. en-us Fri, 09 Mar 2007 00:00:00 +0530 Wed, 29 Dec 2010 17:20:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59443 The ITAT ruled in favor of the appellant, directing the AO to classify the loss incurred on the sale of an industrial building as a business loss instead of a short-term capital loss for the assessment year 1999-2000. The ITAT emphasized the business purpose of the activity, noting the receipt of advances for the sale of industrial galas and the absence of depreciation claims on the asset used for constructing galas. The ITAT rejected the CIT(A)'s argument that the business never materialized, stating that the appellant engaged in business activities and sold the project as part of a composite deal. Consequently, the appeal was allowed, and the loss was treated as a business loss. Case-Laws Income Tax Fri, 09 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59443