Profit from Land shown as Capital Assets in books is Capital Gain: ITAT Chennai

ACIT Vs Ms. Indus Valley Housing, (ITAT Chennai) The question arises for consideration is whether the investment made by the assessee in the land at Nolambur is a stock-intrade or capital asset? If the land is stock-in-trade, then naturally the profit on sale has to be considered as income from business. If it is considered as capital asset, then the profit has to be treated as capital gain. To ascertain whether the land in question is capital asset or stock-in trade, the intention of the assessee at the time of purchase of the property has to be ascertained. It is not in dispute  that ...