Income from land dealings was taxable as capital gain in absence of proof of regular land dealings by assessee

Section 45, read with section 28(i), of the Income-tax Act, 1961 - Capital gains - Chargeable as [Business income v. Capital gains : Land dealings] - Assessee sold land and claimed that income arising from said transaction was to be treated as long-term capital gain - Assessing Officer was of opinion that amount in question comprised business income of assessee and taxed such receipt accordingly - Commissioner (Appeals) and Tribunal, however, accepted assessee's claim - Whether since there was no allegation suggesting that assessee was regularly engaged in business of buying and selling land, Tribunal was justified in holding that income arising from sale of land was taxable as capital gain - Held, yes [Para 4] [In favour of assessee]

Refer:[2014] 42 taxmann.com 364 (Gujarat)
HIGH COURT OF GUJARAT
Commissioner of Income-tax -I
v.
Natwarlal C. Bhandari