Court to Decide if Land Income is Long-Term Capital Gains or Business Income for Construction Firm.

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Full Text of the Document

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....Correct head of income - LTCG OR Business income - engaged in the business of building construction and land developers - land shown in balance sheet as investment - it is always open to an assessee to hold the same class of assets as investment and also as stock-in-trade - There is no bar in law for a person dealing in land to also have investment in land....