Balkrishna P. Wadhwan. v. DCIT (2018) 169 ITD 693 (Mum) (Trib.)

S.45: Capital gains- Business income –Land -Sale consideration received in respect of property received on dissolution of partnership of firm of his father was held to be assessable as capital gain and not as business income [ S. 2(14),28(i) ]

Allowing the appeal of the assessee the Tribunal held that ; Sale consideration received in respect of property received on dissolution of partnership of firm of his father was held to be assessable as capital gain and not as business income . As regards expenditure incurred on levelling and construction of boundary wall, the matter was remanded to the AO for verification. ( AY.2010-11)

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