Income from Sale/Purchase of property by Real Estate Agent is Business Income

ITO Vs Suresh Babu Vasireddy (ITAT Hyderabad) The assessee is basically engaged in the business as a real estate agent in Hyderabad deriving commission income. The modus operandi of the business activity is that of identifying properties for sale in Hyderabad and simultaneously identify the interested buyers and sell the properties with a marginal profit. Further, the assessee is also engaged in sourcing properties for commercial lease to derive commission income. The assessee sold a property for a consideration of Rs. 4,52,40,000/-,which was purchased by him at Rs. 1,60,00,000/-. The said con...