Sporadic Land Sales After 22 Years Held as Capital Gains, Not Business Income: ITAT Chennai

ACIT Vs Tiruchangodu Sengodagounder Ramasamy Khannaiyan (ITAT Chennai) Sporadic Land Deals Not Adventure in Trade – Long-Term Land Holding of 22 Years Shows Investment, Not Real Estate Business The Revenue filed appeals with a delay of 13 days. Tribunal found the reasons for delay bonafide & condoned the delay. Since issues were identical, both appeals were heard together & disposed of by a consolidated order. AO had treated surplus from sale of land as business income, holding it to be an adventure in the nature of trade. AO relied upon the Bombay High Court decision in DCIT v. ...