Case Law Details
Case Name : Shri Laxmanbhai Balchanddas Patel Vs PCIT (ITAT Ahmedabad)
Related Assessment Year : 2017-18
Courts :
All ITAT ITAT Ahmedabad
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Shri Laxmanbhai Balchanddas Patel Vs PCIT (ITAT Ahmedabad)
ITAT Ahmedabad held that treating transaction of sale of land as business income without any base which indicates that the transaction would be an adventure in the nature of trade is not justified. Hence, AO rightly treated sale of land as capital gain.
Facts- PCIT invoked provisions of section 263 of the Income Tax Act alleging that AO had wrongly allowed assessee’s claim of profit earned from the sale of l
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