Friday, 17 April 2015

Sum received under MOU entered with owner to identify buyers for property was taxable as business in

IT: Where assessee entered into a memorandum of understanding with owner of property for a consideration, to identify buyers of property, and he had no intention to acquire capital asset in lieu of transfer and only facilitated transfer of capital asset from owner to purchaser and made profits, such profits would be assessible as business income and not capital gains


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