Nature of transaction depend upon facts & circumstances of case & not merely on rules or principle 

Haresh Khiamal Nanwani Vs ACIT (ITAT Mumbai)

The issue under consideration is whether ACIT is correct in treating the sale of investments in immovable properties as a business activity rather than considering it as capital gains, in spite of the appellant holding the flats for more than 36 months.

Assessee state that, he had shown that property under the head “Investments” in his Financial Statements. Further every year assessee offered the rental income from t

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