Profits from sale of land with well thought business project is Business Income

Smt. Anita Singh Vs ACIT (ITAT Indore) in the year 2006 itself the assessee along with other persons initiated the process of developing a colony which is proved by the Registration No.40/2006 issued on 21.8.2006. Few months before and the period thereafter all these 18 persons kept on purchasing the land from various land owners and parallely M/s. ADPL was working to develop the project named “Country Walk”. Once the area was developed then the sales were effected by demarcating them in various plots sizes and the ADPL was having the power of attorney to decide about the sale and develo...