Profit & gains arising from transfer of interest in Hydro Projects taxable under income from business

Arch Hydro Power Projects Pvt. Ltd Vs DCIT (ITAT Pune) ITAT Pune held that profits and gains arising from transfer of interest in Hydro Projects is income from business and not income under the head ‘short term capital gains’. Facts- The assessee is engaged in the business of developing Hydro Power projects on BOT basis, for Govt. of Maharashtra. During the course of assessment proceedings, it was submitted by the assessee that as the approval for transfer of project was not received from State Government the profit from transaction was not recognized in the books of account for the year. ...