Profits on sale of land held as Investment for 6 years assessable as Capital Gains

JCIT (OSD) Vs Adrus Estate and Properties LLP (ITAT Pune) It is an undisputed fact that the land was recorded in the books of account as part of investment. It is settled position that the treatment given in the books of account gives an indication as to the intention of the assessee to hold asset as an investment or stock-in trade. In the present case, the fact that the said land was shown as part of investment in the books of accounts coupled with the fact that the land was sold after a gap of six years would prima facie go to show that the intention on the part of the respondent / assessee ...