Sale of property taxable under capital gain as property held for considerable longer time period

Vaijanti Jain Vs ITO (ITAT Delhi)

ITAT Delhi held that property sold is to be taxed under Capital gain as the property was held for considerable longer period of time and assessee is not engaged into systemic real estate business activity.

Facts- The case of the assessee was selected for scrutiny assessment. The Assessing Officer (“AO”) observed that the assessee had claimed capital gain out of sale of the properties. However, looking to the facts, same ought to have been treated as income from business.

Aggrieved by the action of Assessing Authority, the assessee carried the matter before Ld.CIT(A), who after considering the submissions, sustained the addition and dismissed the appeal of the assessee.

Aggrieved against the order of Ld.CIT(A), the assessee preferred appeal before this Tribunal.

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