Property Sold After Failed Rental Attempts Treated as Capital Asset, Not Business Income: ITAT Bangalore

Basavaraju Shivakumar Holavanahalli Vs ACIT (ITAT Bangalore) Property Sold After Six Years of Failed Rental Efforts Treated as Capital Asset—Not Business Income: ITAT Bangalore The Assessee, an individual, had purchased a vacant site at Mysore Road, Bengaluru, on 03.09.2007 for ₹2.80 crore & constructed a commercial building (lodge & restaurant complex) using own & borrowed funds. His intention was to let out the property, as shown by negotiations with Apodis Hotel & Resorts Ltd., submission of a revised plan, & newspaper advertisements inviting tenants in 2010. However...