1986 (6) TMI 95 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Jaipur heard an appeal regarding the tax liability of an assessee who purchased land later acquired by the government. The Income Tax Officer taxed the gain as income from business, but the AAC overturned this decision. The Tribunal agreed with the AAC, stating that the transaction was not a business activity and dismissed the appeal. The intention of the assessee was crucial, and since no evidence suggested a business motive, the gain was not taxable as income from business. The appeal was dismissed. (Case citation: 1986 (6) TMI 95 - ITAT Jaipur)