Income from Sale of Flats and Land is ‘ Capital Gain ’ since Assessees’ Intention to Trade in Real Estate was not Established: ITAT

The Income Tax Appellate Tribunal (ITAT), Chennai bench has ruled that the income from the sale of flats and the undivided share in such land could be assessed under the head “capital gains” since the Revenue failed to prove that the assessee had an intention to trade in real estate. In the instant case, assessee […]

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