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1990 (11) TMI 74 - HC - Income Tax

The petitioner sought a legal reference regarding the Tribunal's decision on whether construction and sale of flats constitute a business activity or capital asset conversion. The High Court upheld the Tribunal's finding that the activity was not a business but a conversion of a capital asset, as there was no profit motive involved, and surplus funds were used for charitable purposes. The petition was dismissed.

 

 

 

 

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