Land Sale by Assessee Firm Deemed Business Loss Due to Sister Concern's Similar Activities, Despite Co-Owner's Capital Loss Claim.

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....Loss on sale of land - ‘Business Loss’ or ‘Capital Loss’ - The present land transaction may be the first transaction of the assessee firm but the sister concern of the assessee is already engaged in similar business. - held as business loss despite the fact that co-owner of the assessee in its return of income has declared loss as capital loss. - AT....