Aseesee can have both Trading & Investment Portfolio for Business Income & Capital Gain

DCIT Vs Niketan Krishorchandra Patel (ITAT Ahmedabad) The issue under consideration is that whether the assessee having business of land trading can show capital gains from arising out of transfer of land and claim exemption under section 54F? As per the facts of the case, assessee has purchased a land and in the balance sheet, assessee shown that land as a fixed asset since 2007. Thereafter same was transferred during the course of hearing was acquired, developed and held exclusively by him as capital asset. Since this was a capital asset for more than 3 years. The resultant gain was offered ...