Income From Land Sale by Assessee Engaged in Property Development Taxable as Business Income

Ashok Kumar Chouta Vs DCIT (ITAT Bangalore) The issue under consideration is whether land sold by assessee engaged in property development taxable as capital gains or business income? ITAT states that the assessee has converted the business asset into Capital asset and accordingly sold the same as Capital asset only. ITAT notice that the assessee has not brought any material to substantiate the above said contentions. The assessee has held the property for about 3 years and 2 months. The assessee has not explained as to when he has decided to convert the business asset into Capital asset. With...