2011 (9) TMI 156

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....j Toprani for the respondent. P.C. : 1. Whether the Income Tax Appellate Tribunal was justified in holding that the arrangement between the assessee and other coowners with Godrej Properties & Investments Limited ("GPIL" for short) is not a commercial arrangement and, therefore, the income arising from the transaction in question is taxable under the head 'capital gains' is the question rais....

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....ng after financing the cost of construction was offered to tax as long term capital gain. The assessing officer treated the capital gains as adventure in the nature of trade and not as capital gains. 6. On appeal filed by the assessee, the Commissioner of Income Tax (Appeals) set aside the order by holding that the amounts received by the assessee were capital in nature. On appeal filed by the ....