Land held as investment is assessable to tax under the head ‘capital gain’

Mujib Salmanbhai Pathan Vs ACIT (ITAT Nagpur) ITAT Nagpur held that the assessee is undoubtedly entitled to hold two different portfolios in respect of the same kind of asset i.e. stock in trade and investment. Since, the land was held as investment the same is assessable to tax under the head ‘capital gain’. Facts- The appellant is an individual engaged in the business of builders and land developers. The assessment for the year under consideration was completed u/s 143(3) of the Income Tax Act, 1961. While doing so, the Assessing Officer made addition of Rs.1,00,85,013/- being the profit...