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Land Sale Profits Treated as Capital Gains, Not Business Income: Madras HC
Case Law Details
- Case Name
- CIT Vs Gwl Properties Ltd (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004-05
- Courts
- All High Courts, Madras High Court
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CIT Vs Gwl Properties Ltd (Madras High Court)
The Madras High Court reaffirmed settled principles on classifying profits from land sales, holding that gains from the assessee’s sale of land
Capital Gains versus Business Income: Substance of Holding, Intention and Conduct Prevail over Revenue Assumptions- Correct head of income – profit earned by the assessee on sale of land – ‘capital gains’ or ‘business profits’ – Circular No.4/2007 dated 15.06.2007 -a distinction between a “capital asset” and a “trading asset”
The long-standing controversy...
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