Case Law Details
Case Name : ACIT Vs S.K.M. Construction Pvt. Ltd. (ITAT Mumbai)
Related Assessment Year : 2006- 07
Courts :
All ITAT ITAT Mumbai
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ACIT Vs S.K.M. Construction Pvt. Ltd. (ITAT Mumbai)- Land which forms part of investment in balance sheets is capital asset and hence profit derived from it is taxable under the head capital gain. Mere presence of profit motive not enough to decide the head of income.
The assessee has not purchased or sold any other plot immediately before or after this deal. The assessee has further not done any development on this plot. There are no repetitive transactions of this nature and, therefore, this was m
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