Sale of 25 Plots Not Business Income Due to Long-Term Investment Intent: ITAT Bangalore

Keshavareddy Krishnareddy Vs ACIT (ITAT Bangalore) The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) considered an appeal filed by the assessee against the order of the National Faceless Appeal Centre confirming the treatment of gains from sale of plots and agricultural lands as business income instead of capital gains. The assessee, an individual engaged in the business of running a bar and restaurant, had filed a return declaring income of Rs.97.46 lakh for Assessment Year 2012-13. During scrutiny assessment, the Assessing Officer examined the sale of 25 plots situated at Iggal...