Tribunal held that certain aspects required consideration before arriving at a conclusion whether the assessee were carrying out any activity in the nature of trade. These were : (i) the intention of the assessee at the time of acquisition of the land, (ii) the period of holding of such land by the assessee, and (iii) the treatment made by the assessee in the books of account with respect to such land. There was nothing on record on these aspects but the Assessing Officer had arrived at the conclusion that the assessee had been carrying on the business of property development on the basis that the assessee had been incurring the expenditure on continuous basis for the development of the land. Thus, the income generated by the assessee from the sale of the property was taxable under the head capital gains.( AY.2006-07)