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TMI Blog2019 (1) TMI 861X X X X Extracts X X X X X X X X Extracts X X X X ..... RAVI MALIMATH J., JUDGMENT The assessee is an individual who filed his return of income under Section-153C of the Income tax Act, (hereinafter referred to as 'I.T. Act') declaring a total income of Rs. 15,12,240/-. An assessment order under Section-143(3), read with Section-153-C of the I.T. Act was completed by assessing the total income at Rs. 80,55,940/-. The assessed income included ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al, the present appeal is filed by the Revenue. 3. Sri. K.V. Aravind, learned counsel appearing for the appellants contends that the order of the Tribunal is erroneous. That the test to determine whether an income would be considered as 'capital gains' or 'income arising out of business or profession', would arise where a purchase of a property has been made solely and exclusively with an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gains' and the profits made on sale of the land was offered as 'longterm capital gains', after claiming exemption to an extent of Rs. 22,50,171/-. 7. The Tribunal on considering the material on record, was of the view that since the assessee sold the flats for profit in the subsequent period, the said transaction does not tantamount to adventure in the nature of trade. When the assessee invests ..... X X X X Extracts X X X X X X X X Extracts X X X X
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