Gain on property kept for investment purpose taxable only under capital gain: Kerala HC

PCIT Vs Arun Majeed (Kerala High Court) Kerala High Court held that when a property kept not for trade, but for an investment purpose is sold, the gain has to fall under head ‘capital gains’ and such transaction is only taxable under capital gain and not under adventure of trade. Facts- The challenge in these appeals is confined to the correctness of taxing profits from the sale of lands as ‘business income’ instead of treating the same as ‘capital gain’. Revenue contends that though the primary business activity of the assessee is that of running medical shops under the Tr...