Wednesday 20 January 2016

Capital gain arise on transfer of land under JDA and not business income if there was no commercial

IT : Where in terms of construction agreement, assessee handed over piece of land to builder, for construction of multi storied building, since construction and sale of flats did not change character of asset and there was no material to show that assessee ever had any intention to exploit plot as a commercial venture, transaction could not be characterized as 'an adventure in nature of trade'

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