Case Law Details
Case Name : CIT Vs Edward Keventer (Successors) Private Limited (Delhi High Court)
Appeal Number : ITA 489/2014
Date of Judgement/Order : 20/08/2015
Related Assessment Year :
Courts :
All High Courts Delhi High Court
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Brief of the case
Delhi High Court in case of CIT Vs. Edward Keventer (Successors) Private Limited held that factors like intention of the assessee in purchasing the property, duration of time property was kept by assessee, lack of any transactions of sale or purchase of property throughout relevant period of time, should be considered to determine whether transactions of sale of property resulted in capital gains or in business income.
Facts of the case
- The assessee had purchased leasehold rights in a large parcel of land in 1952 with the object of dairy farming and for production of milk. That venture never took off because the requisite permission for the same was not given by the New Delhi Municipal Council.
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