Income from development agreement to Land Owner is capital gain if owner not undertaken any development activity

Meena Lahoti Vs Income Tax Officer (ITAT Hyderabad) Learned counsel’s argued that both the learned lower authorities have erred in law and on facts in adding impugned short term capital gains of Rs.51,72,920/- thereby ignoring the clinching fact that she had in fact indulged in development of her land in issue in the nature of adventure in real estate. We find no merit in the assessee’s instant stand. It emerges from a perusal of pg.16 to 35 in paper book containing the assessee’s development agreement that she had herself not undertaken any development activity indicating the adventure ...