Thursday, 19 December 2013

Real estate developer can't be prevented from parting with its fixed assets; such sale isn't a part

IT: Where assessee doing business of purchase and sale of land/developing real estate purchased agricultural land and reflected same in balance-sheet as a fixed asset and later on it had sold said land on profit, merely because land was sold for profit, it could not be said that income arising from sale of land was taxable as profit arising from adventure in nature of trade


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