Land sold by plotting held business income not capital gain. Sale was completed within a short period of few months and space was left for streets
May 28, 2016
Income Tax, ITAT, Judgments
Land sold by plotting held to be business income not capital gain as the sale was completed within a short period of few months and space was left for streets. In a recent judgment, this was upheld by ITAT Amritsar. Case Law Details: I.T.A No.478(Asr)/2014 Assessment Year: 2010-11 …