1981 (12) TMI 50 - AT - Income Tax

Summary

The appeal was admitted by ITAT Bombay-D despite being filed after the period of limitation. The dispute was regarding income from the sale of land, determined at Rs. 30,000, as an adventure in the nature of trade. The tribunal held it was a realization of investment, not a trade adventure. The income, if any, may be charged as a capital gain, not under the head "business." The appeal was allowed.