Gain on Sale of Land received in lieu of Business Loan is Business Income

TVS Finance & Services Ltd Vs ACIT (ITAT Chennai) The undisputed facts that emerges are that the assessee is engaged in equipment leasing, hire purchase financing and bill discounting. As a part of its business, it has assigned / sold its outstanding receivables valuing at Rs.51 .07 Crores to M/s Piramal Financial Services Ltd. for consideration of Rs.40 Crores vide assignment deed dated 30.09.1999. The consideration was settled partly by cheques and partly by transfer of certain vacant parcels of land in favor of the assessee which were under litigation and finally, sold in this year. For...