Income derived from twin land transactions treated as business income

Vasant Haribhau Gaikwad Vs ITO (ITAT Pune) ITAT Pune held that income derived from twin land transactions deserves to be treated as ‘business income’ and cannot be treated as ‘capital gains’. Facts- From a perusal of the assessment order herein dated 31.03.2016 it appears that AO have reduced the assessee’s cost of acquisition regarding the former capital asset sold in this year and further held regarding the latter parcel of land. There is hardly any issue that this taxpayer had been indeed sold/ transferred the above former asset in the relevant previous year on 05.01.2013. It is i...